Arrington Capital Creates $100M Algorand Growth Fund

Blockonomi

After already investing in Algorand’s private rounds years ago, Arrington Capital has now announced the launch of a dedicated $100 million USD fund to invest in the Algorand ecosystem by financing projects that show a high level of potential in the financial sector, including native coins.

The partnership with Algorand for the launch of the Arrington Algo Growth Fund is the second partnership established by the digital asset management fund, which already runs an XRP fund.

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Michael Arrington, Founder of TechCrunch and Arrington Capital, believes that Algorand will play an important role in the future of finance due to its “unmatched tech, robust developer resources, and vision for long term sustainability.”

He also referred to the increasing importance of cryptocurrencies on the global stage despite their “ups and downs” which according to him, are the results of the blockchain and crypto industries moving “a lot faster” than the legacy tech world.

This sentiment was shared by multiple participants in Bitcoin Miami, which counted with the participation of celebrities like Floyd Mayweather, Tim Draper, Jack Dorsey, the Winklevoss twins, and Michael Saylor, as well as more than 12 thousand attendees.

Algorand Is Becoming a Positive Force in Blockchain Development

Ranked 34th by market capitalization, Algorand has become one of the most popular blockchain networks in the space with a market capitalization of more than 3.2 billion dollars

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The increasing traction experienced by the network has resulted in the creation of other funds aiming to support Algoran-based initiatives across the world, including a $25M fund in Miami, $400M fund from Borderless Capital, $10 fund for NFT projects, and $250 grant program launched by the Algorand Foundation.

Algorand’s notoriety has also increased in recent months due to the company’s commitment to be the greenest blockchain network by continuing to be fully carbon-neutral, a growing concern for regulators and investors around the world due to the negative environmental impact that mining has on networks like Bitcoin.

While the environmental impact of blockchain and cryptocurrency is only one of the sources of the criticism received by the industry over the past months, Algorand expects that by committing to an environmentally friendly approach they will be able to address part of those concerns.

The recent announcements have allowed ALGO to keep a positive trend during the last 7 days when it comes to its value, which is remarkable at a time when out of the top 35 projects, only 9 have managed to do so.

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Pantera and Arrington Capital Raise $5.8M in Funding for Unbound Capital

The two digital asset management firms co-led a private investment round for Unbound Capital, a project aiming to be the first cross-chain stablecoin, raising $5.8 million with the participation of more than 26 venture capitalists and angel investors.

The earnings from the investment round will be used for the development of the protocol, which leverages idle liquidity to enable interest-free crypto loans, which will also offer a cross-chain stablecoin and other synthetic assets.

The list of supporters includes venture capitalists like Pantera Capital, Arrington XRP Capital, CMS Holdings, Hashed, and LedgerPrime, as well as private investors such as Angelist, Enjin, Gnosis, Kyber Network, and Polygon.

Arrington referred to the potential of the protocol by stating:

“Unbound Finance is new primitive with the potential to unlock billions in unproductive value trapped in AMMs. We’re excited about the launch of Unbound as a fundamentally new mechanism for borrowing, lending, and synthetic assets in DeFi.”

Unbound Capital will be launching its “DeFi Treasury For Liquidity Pool Tokens” in the near future after having launched its first testnet back in December, as well as its last version in April of this year.

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Author: Nicholas Say


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