Arrington Capital launches USD100m fund to invest in Algorand-based initiatives
Arrington Capital, a digital asset management firm in blockchain-based capital markets, has launched a new USD100 million fund to support initiatives building on Algorand, a blockchain accelerating the convergence of decentralised and traditional finance.
The Arrington Algo Growth Fund (AAGF) aims to encourage and spur additional development on Algorand, which has seen significant growth and adoption recently across DeFi (decentralised finance), traditional finance, the public sector, NFT space and more.
AAGF will invest in Algorand-focused projects, including liquid and illiquid coins, to empower projects that are creating new financial applications in the Algorand ecosystem. Algorand, the brainchild of Turing Award winner Silvio Micali, was designed from the ground up for modern financial applications and provides the security, decentralization, scalability and efficiency needed to support billions of users — all on a carbon-negative blockchain.
"We are inspired by the traction that Algorand has in the market right now. With unmatched tech, robust developer resources and a vision for long term sustainability, Algorand is empowering its community to more easily create the future of finance," says Michael Arrington, Partner at Arrington Capital. "The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem."
Recent Algorand adoption highlights include Exodus' announcement of their digital security (USD700 million valuation), MAPay transforming Bermuda's healthcare system and moving USD800 million in traditional healthcare payments to Algorand, Bnext revolutionising the remittances market in Europe and LatAm by processing an initial USD100 million in remittances on Algorand, and SAP providing an open connector API to enable its enterprise customers much needed interoperability between SAP and the public Algorand blockchain.
"It has been our approach at Algorand since the beginning to partner with those who are contributing in a meaningful way to the Algorand ecosystem as they invest and deploy capital," says W Sean Ford, COO of Algorand. "The Arrington Algorand Growth Fund represents yet another key strategic pillar in supporting the momentum of those building on top of what we think is the best technical platform for regulated defi and the future of finance."