Borderless Capital, a venture capital firm, has announced a $500 million fund to assist businesses based on the Algorand blockchain.
The Borderless ALGO Fund II, according to a Nov. 30 release from the Miami-based startup, will try to back digital assets that will power the “next generation” of decentralized applications (DApps) on Algorand.
Ways to use NFTs
The company emphasized nonfungible token (NFT) and decentralized finance (DeFi) projects in particular, stating that it is exploring ways to use NFTs to “disrupt the creators economy” while also expediting financing into Algorand’s DeFi ecosystem.
Borderless’ move coincides with the launch of Hivemind Capital Partners, a $1.5 billion multi-strategy fund focused on potential crypto assets like infrastructure projects, virtual worlds, and programmable money, by former Citi executive Matt Zhang on Nov. 29.
Hivemind’s first technological partner, Algorand, was also unveiled as part of the event.
Algorand is an open-source decentralized blockchain created by computer scientist Silvio Micali in mid-2019.
Due to ALGO’s explosive growth in 2021, the blockchain was created for speed, security, and stability, and has been dubbed an Ethereum competitor.
Blockchain’s next-generation
“Algorand is now the most efficient next-generation blockchain software available, and it represents the next frontier for investment and disruption,” said Arul Murugan, managing partner of Borderless Capital.
Borderless Capital currently manages $400 million in Alogrand focused funds in addition to the new $500 million fund.
PlanetWatch, a decentralized air quality monitoring network built on Algorand, closed a $10 million fund earlier this month.
Algorand is now rated as the 36th largest blockchain in terms of total value locked (TVL) in DeFi, with $97.4 million, according to data from DeFi Llama.
Yieldly (YLDY), which offers a range of DeFi apps and has a total TVL of $68.4 million, is the network’s most popular project.
As per Coingecko, the price of ALGO has risen 470% in the last year, to $1.86 at the time of writing.
ALGO’s all-time high occurred more than two years ago when it briefly surpassed $3.50 in June 2019 before plummeting below $1.
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