Borderless Capital, a Miami-based company, has launched a fund for projects being built on the Algorand blockchain. The fund totals a staggering, eye-watering, breath-taking, insert-several-more-adjectives-here $500,000,000!
Borderless Capital announced the new fund on Monday, naming it the ALGO Fund II. Back in June 2019, we saw Borderless Capital release the ALGO Fund I which initially raised $200,000,000 and invested in over 100 different companies. These included: Block Daemon, Osprey Funds, and Six Clovers. That fund did a tremendous amount of good for Algorand and the cryptocurrency market as a whole. This second fund more than doubles the original ALGO Fund II, and will once again take Algorand to a whole new place in the market!
So, what’s the focus of ALGO Fund II?
The firm has highlighted both Decentralised Finance (DeFi) projects, as well as Non-Fungible Tokens (NFTs) as its primary focus. Borderless Capital sees NFTs as an opportunity to “disrupt the creators economy”, and also wants to accelerate the growth of funding into the DeFi ecosystem on the Algorand blockchain.
You may be asking yourself “Why Algorand? Why not a different chain?”
Well, the answer is quite simple. According to Arul Murugan, Borderless Capital’s founding managing partner, “Algorand is the most efficient next-generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption”.
Algorand is an open-source blockchain, launched by computer scientist Silvio Micali back in mid-2019. It was designed to be fast, secure, and stable. Some have even called it Ethereum’s main rival during the major surge in growth in 2021.
This $500m fund adds to an already-staggering $400m worth of funds that Borderless Capital already manages focused on Algorand, totalling almost a billion dollars. It’s clear as day that Borderless Capital is heavily interested in the advancement of the Algorand blockchain and Algorand projects and should be watched closely if you’re an ALGO hodler.