Borderless Capital, a Miami-based venture capital firm, has allocated half a billion-dollar fund to support various projects building on the Algorand blockchain.
In a November 30 announcement, Borderless Capital confirmed allocating $500 million BorderlessALGO fund II to support digital assets by powering the “next generation” of decentralized applications (Dapps) on Algorand blockchain.
— Borderless Capital (@borderless_cap) November 30, 2021
In particular, the venture capital firm highlighted supporting non-fungible tokens (NFTs), noting that it is seeking opportunities to “disrupt the creator economy” using NFTs while accelerating the growth of funding into Algorand’s decentralized finance (DeFi) ecosystem.
Borderless Capital’s recent support move appears the same week as Matt Zhang, former Citi executive, introduced Hivemind Capital Partners on November 29. The joint team allocated a $1.5 billion multi-strategy fund focused on promising crypto players such as infrastructure projects, virtual world, and programmable money. At the time, Zhang revealed that Algorand was the first Hivemind technology partner.
Launched in mid-2019, Algorand is an open-sourced decentralized blockchain protocol created by computer scientist Silvio Micali. The scientist designed the Algorand protocol with optimum speed, security, and stability. In that case, the crypto community has repeatedly touted Algorand as a major competitor to Ethereum amid its native token’s remarkable growth in 2021.
While commenting about the new sponsorship, Arul Murugan, the founding managing partner at Borderless Capital, said:
“Algorand is the most efficient next-generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption.”
The new half a billion-dollar adds to another $400 million worth of Algorand focused funds that Borderless Capital currently manages. Earlier this month, the venture capital firm successfully secured a $10 million fund to support PlanetWatch, a decentralized air quality monitoring network built on the Algorand mainnet.
In the meantime, Algorand has currently ranked as the thirty-six largest blockchain in terms of value locked in DeFi at $97.4 million, according to DeFi Llama. Yieldly (YLDY), which facilitates a suite of DeFi apps, is Algorand’s top and best performing project with a TVL of $68.4 million.
According to CoinGecko, the Algorand native token (ALGO), is up 470% over the past 12 months. At the time of writing, ALGO is exchanging hands at $1.86. ALGO hit an all-time high of $3.50 in June 2019 before sharply crashing below the $1 mark.