Cryptocurrency news

Algorithand blockchain project raises $200 million to open its own venture Fund

Algorithand blockchain project raises $200 million to open its own venture Fund

Algo Capital, an investment company that specializes in the Algorithand blockchain ecosystem, has raised $200 million to launch its own venture Fund, Algo VC Fund.

Despite the fact that Algo Capital was created as an organization independent of the Algorand Foundation and Algorand LLC, which control the development of the Algorand blockchain, It invests exclusively in projects within the framework of the Algorand economy.

The company said that the Fund will focus on projects to build applications and infrastructure on Algorand in order to accelerate the adoption of the algo cryptocurrency as a means of payment. Arul Murugan, founder and managing partner of Algo Capital, said:

“Our investment approach is aimed at companies that create new applications and infrastructure solutions for the blockchain and, as a result, help accelerate the implementation of the blockchain and attract millions of new users to the Algorand network.”

The company received all investments in the algo cryptocurrency, which will be the main currency for payments. An undisclosed portion of the capital investment also consists of Algo to allow portfolio companies to use cryptocurrency as a means of payment.

Two months ago, the Algorand project raised more than $60 million through an ICO. The project first became known last winter, when MIT Professor Silvio Micali received $4 million to create an “improved blockchain”. In addition, the project attracted another $62 million in investment last fall.