Algorand (ALGO) Price Strengthens as it Receives Multi-Million-Dollar Funds from Institutional Investors
In recent weeks, a pure proof-of-stake (POS) blockchain network, Algorand (ALGO), has secured multiple new partnerships and multi-million-dollar funds from institutional investors.
The TechCrunch founder Michael Arrington’s crypto venture-capital firm, Arrington Capital Management, has launched a US$100 million fund named the Arrington Algo Growth Fund (AAGF) for supporting projects building on the Algorand blockchain. Reports say that these funds will help accelerate additional development across all facets of Algorand’s smart contract platform.
Through its Twitter handle (@Algorand), it tweeted:
“Today, @arringtonXRPcap announced the launch of a $100M fund to invest in #Algorand-based initiatives! The Arrington Algo Growth Fund (AAGF) will focus on empowering projects building on Algorand & supporting ecosystem growth: http://ow.ly/21P350F7xzd
This development comes after June 2, 2021’s announcement that a venture capital firm Borderless Capital created a US$25 million fund to support the development of the Miami-based blockchain startup’s digital payment solutions on the Algorand network. Algorand has highlighted its real-life use-cases by tweeting:
“By running USDT and USDC on Algorand, users can transact in their preferred U.S. dollar-backed #stablecoin at a fraction of the cost and time.”
The list of institutional investors investing in the Algorand network is increasing at a rapid pace. It suggests that the network partnerships and investments from players in traditional finance would help in the continued faster adoption of ALGO.