Crypto asset manager Arrington Capital released the launch of a $100 million fund set up to invest in projects based on the Algorand blockchain.
According to representatives of Arrington Capital, the main task of the Arrington Algo Growth Fund will be to expand the Algorand ecosystem and its development in the field of decentralized finance, traditional assets, the public sector, NFT space, and other areas indirectly or directly related to the cryptocurrency industry.
Michael Arrington noted that he is inspired by the talented developers of the startup Algorand. His company believes the launch of the fund is a clear reflection of Arrington's support and belief in the success of the Algorand blockchain.
Among the latest achievements of the startup, it is worth highlighting:
- Exodus converted the sold shares into tokens on the Algorand blockchain, and the company itself was previously estimated at $700 million
- MAPay seeks to reinvent healthcare in Bermuda by transferring $800 million in traditional payments to blockchain
- Bnext is a money transfer operator that uses Algorand to reduce transaction costs and speed up transaction processing
In addition to the Arrington Algo Growth Fund, over $500 million in investments from various companies have been raised in favor of the Algorand blockchain, which only strengthens the confidence in the implementation of the team's long-term plans to digitalize the financial industry.