Borderless Capital, a venture capital company, has announced a USD 500 million fund to invest in digital commodities to fuel the next wave of decentralized services built on Algorand (ALGO).
Algorand created a blockchain system that includes interoperability and the ability to take care of high volumes of transactions that governments and banking institutions need for decentralized finance, according to the firm’s announcement.
Algorand has arisen as a fellow competitor to Ethereum this year, alongside other layer-1 protocols such as Avalanche, Cardano, and Solana, due to an increase in demand for transaction fees. That is cheaper and quicker compared to what the Ethereum network delivers.
The Borderless ALGO Fund-II follows the company’s very first Alogorand-specific fund, which launched in 2019 June. I raised $200 million for Borderless ALGO Fund-I and invested in over 100 companies, namely Osprey Funds, BlockDaemon, and Six Clovers.
According to a spokeswoman for the company, specific investments in the new and better fund will be announced in the upcoming months.
In June, the Algorand Virtual Machine was launched to improve smart contract creation and allow developers to build powerful online apps while making blockchain app development increasingly available.
In September, NAX and SkyBridge Capital announced a collaboration to provide decentralized apps and institutional investment chances via Algorand.
In a statement today, Anthony Scaramucci, SkyBridge CEO, stated he was pleased by Algorand’s advanced technology and that his company decided to put the company to the front line of digital securities, regulated products, payments, and currencies.
According to Garcia, borderless plans to grant financing for specific activities inside the Algorand ecosystem sometime in the future.
The other week, the company announced the completion of a 10 million dollar fund to invest in the system that surrounds PlanetWatch, the world’s first decentralized outdoor and indoor air quality observing network built on Algorand.