Arrington Capital Launches $ 100 Million Fund to Invest in Algorand-Based Initiatives
Arrington Algo Growth Fund to Focus on Expanding Algorand Ecosystem
SEATTLE, Wash., June 10, 2021 / CNW / – Arrington Capital, a digital asset management firm in blockchain-based capital markets, today announced the launch of a new US $ 100 million funds to support initiatives leveraging Algorand, a leading blockchain accelerating the convergence of decentralized and traditional finance. The Arrington Algo Growth Fund (AAGF) aims to encourage and stimulate further development in Algorand, which has recently seen significant growth and adoption in DeFi (decentralized finance), traditional finance, public sector, NFT space and Moreover.
AAGF will invest in Algorand-focused projects, including liquid and illiquid coins, to bolster projects that create new financial applications in the Algorand ecosystem. Algorand, the original idea of the Turing Prize winner Silvio micali, was designed from the ground up for modern financial applications and offers the security, decentralization, scalability and efficiency needed to support billions of users, all on a carbon-negative blockchain.
“We are inspired by the traction Algorand has in the market right now. With unmatched technology, robust development resources and a vision of long-term sustainability, Algorand makes it easier for its community to create the future. of finance, “said Michael arrington, partner at Arrington Capital. “The launch of this fund represents our commitment to support the growth and success of the Algorand ecosystem.”
Recent highlights of Algorand adoption include Exodus‘announcement of their digital security ($ 700 million Evaluation), MAPay transform Bermuda health system and relocation $ 800 million in traditional health payments in Algorand, following revolutionize the remittance market by Europe and LatAm by processing a first $ 100 million in remittances on Algorand, and SAP provide an open connector API to enable its corporate customers the much-needed interoperability between SAP and Algorand’s public blockchain.
“It has been our approach at Algorand from the start to partner with those who make a significant contribution to the Algorand ecosystem as they invest and deploy capital,” said W. Sean Ford, COO of Algorand. “The Arrington Algorand Growth Fund represents another key strategic pillar to support the momentum of those who build on what we believe to be the best technical platform for the regulated challenge and the future of finance.”
The launch of AAGF follows cohesive funds that were created to support Algorand-based initiatives, including accelerators through Asia and Europe:
- $ 25 million funds in Miami
- $ 400 million Borderless Capital funds
- $ 10 million funds for DFTs, and
- $ 250 million Algorand Foundation scholarship program
In total, more than half a billion dollars in investments have come from various groups that align with Algorand’s long-term vision for the future of finance.
About Arrington Capital
Arrington Capital is a digital asset management company primarily focused on blockchain-based capital markets. The company, founded in 2017 by TechCrunch and the founder of CrunchBase Michael arrington and CEO of TechCrunch Heather Harde, count more $ 1 billion under management and has invested in hundreds of startups around the world. Arrington Capital is a seasoned international team of Silicon Valley veterans and traders with extensive venture capital experience and native crypto roots. Arrington Capital’s first fund was Arrington XRP Capital and has expanded to several funds over time. For more information on Arrington Capital, visit http://arringtoncapital.com/.
About Algorand Inc.
Algorand Inc. created the first open source, unauthorized, pure proof of stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is an original idea of the Turing Prize-winning cryptographer Silvio micali. A technology company dedicated to removing friction from financial exchanges, Algorand Inc. is fueling the evolution of DeFi by enabling the creation and exchange of value, by creating new financial tools and services, by bringing assets to the chain and by enabling the creation and exchange of value. providing responsible privacy models. For more information visit https://www.algorand.com/.
Contact: [email protected]