Venture capital firm Borderless Capital has launched a $ 500 million fund to support projects based on the Algorand blockchain.

Borderless ALGO Fund II will focus on supporting Algorand’s “next generation” of decentralized applications (DApps) digital assets, according to an announcement from the Miami-based company on Monday.

The company highlighted its non-fungible token (NFT) and Decentralized Finance (DeFi) projects, noting that they are looking at ways to “disrupt the creative economy” by using NFT while accelerating the growth of finance in the DeFi Algorand ecosystem. .

Borderless’s move comes in the same week as former Citi chief executive Matt Zhang on Sunday unveiled Hivemind Capital Partners, a $ 1.5 billion multi-strategy fund focused on promising crypto projects such as infrastructure projects, virtual worlds and programmable funds. The announcement also revealed that Hivemind’s first technology partner is Algorand.

Algorand is an open source decentralized blockchain launched in mid-2019 by computer scientist Silvio Micali. Designed for speed, safety and stability, the blockchain has been identified as a competitor to Ethereum in the midst of ALGO’s meteoric rise in 2021.

“Algorand is the most efficient next-generation blockchain software on the market right now, the next frontier for investment opportunities and disruption,” said Arul Murugan, co-founder of Borderless Capital.

The new $ 500 million fund adds to the $ 400 million already targeted at Alogrand, which is already managed by Borderless Capital. Earlier this month, the company closed a $ 10 million fund focused on PlanetWatch, a decentralized air quality monitoring network built on Algorand.

About it: Algorand launches a virtual machine to extend smart contracts

According to the DeFi Llama, Algorand is currently ranked as the 36th largest blockchain by Total Closed Value (TVL) by DeFi at $ 97.4 million. The best online project is Yieldly (YLDY), which offers a variety of DeFi applications and has a total TVL value of $ 68.4 million.

Coingecko shows that the price of ALGO has increased by 470% in the last 12 months to $ 1.86 at the time of writing. It was an all-time high for ALGO of more than two years, short above $ 3.50 in June 2019 and then falling below the $ 1 mark.

Source: CoinTelegraph