The increase in the number of projects that have laid a serious ground for the recent DeFi and metaverse madness of the crypto money industry continues.
One of them is known as Algorand (ALGO), which CoinList pre-sells.
ALGO has managed to receive an additional $500 million in funding, on top of the $800 million funding it recently received, and it’s literally rolling in!
Venture capital firm Borderless Capital has stated that it will offer $500 million in funding to support blockchain projects on the Algorand network.
In the statement made on November 30, the Miami-based company’s Borderless ALGO Fund II was officially announced and it was emphasized that it will be used for the next generation of decentralized applications.
As can be understood from the name, the company had announced an ALGO-focused fund before and made a serious profit from it. In its fund this time, the company stated that it embraced new generation applications, especially emphasizing NFT, DeFi and metaverse.
We are excited to announce the launch of our $500M Borderless ALGO Fund II!https://t.co/EP0U6Ib8HV pic.twitter.com/okXf6GBFo8
— Borderless Capital (@borderless_cap) November 30, 2021
Just before Borderless, Matt Zhang, former senior executive of Citi, announced an ALGO investment with his own fund, Hivemind Capital Partners.
The $1.5 billion strategic fund will focus on key projects on ALGO. ALGO has now received close to $2 billion in funding in a very short time, and its effects are expected to be evident in the long run.
ALGO was developed by computer scientist Silvio Micali in 2019 and is currently seen as a competitor to Ethereum.