Algorand, the leadership and research organization behind Algorand’s most important blockchain platform, launches a new acceleration program in Europe.
The new program, known as the “Algorand Europe Accelerator”, aims to support European developers and entrepreneurs looking to build applications on the Algorand platform.
The Algorand Foundation announced this on October 15, Cointelegraph announced that the new program will begin in partnership with reputable investors Algorand, Eterna Capital and Borderless Capital.
Under the program, Borderless Capital will provide $ 15,000 in seed financing to 10 selected projects. Successful initiatives will qualify for additional investments of up to $ 500,000 from Borderless Capital and LongHash Ventures.
A spokesman for the Algorand Foundation said:
“The most successful businesses are eligible for $ 500,000 in additional investment […] We do not place a predetermined number of start-ups that will receive this additional funding.”
Algorand Europe Accelerator also intends to provide selected projects with expertise in areas such as strategy formulation, market driving and thematic guides through technology expansion, token economy, marketing and fundraising. Several mentors have already been hired as part of the 12-week program, including industry experts such as Props co-founder Adi Seidman, Securitize CEO Carlos Domingo and Youbi Capital CEO Chen Li.
Massimo Morini, chief economist at Algorand, said Algorand-based application development in Europe was “critical to Algorand’s growth” because “London is an important hub for start-ups and the economy.”
The new Acceleration program Algorand Europe follows an initiative similar to that announced in Asia earlier this year. In June 2020, the Algorand Foundation launched the Algorand Asia Accelerator Program to provide Algorand developers with $ 15,000 and $ 250,000 in seed financing and subsequent investments, respectively. The program was also funded by Borderless Capital and Eterna Capital.
A spokesman for the Algorand Foundation told Cointelegraph that the Asia Accelerator program received over 150 applications during the application period. “We will share more information about the first batch of blockchain launches that was chosen very soon,” the delegate said.
Algorand is involved in a number of international developments in blockchain and financial technology, such as the Blockchain Service network in China and the ongoing Central Bank Digital Currency (CBDC) implementation in the Marshall Islands. Algorand joined the Marshall Islands CBDC project – Marshallese Sovereign – in March 2020.