Support for Algorand ecosystem It appears to be growing, with digital asset manager Arrington Capital earmarking $ 100 million for smart-contract-based projects.
The massive Arrington Algorand Growth Fund, or AAGF, was designed to accelerate further development in all aspects of the smart contract platform, the company announced on Thursday. This includes applications involving DeFi, traditional finance, public sector and NFT marketplace.
AAGF will invest in a number of Algorand projects, including native cryptocurrencies that power new financial applications in the network.
Arrington Capital was founded by TechCrunch and Crunchbase founder Michael Arrington. The company oversees more than $ 1 billion in assets under management and its portfolio includes key investments in Unbound Finance, BlockFi, Polkadot, Kava and many more.
Michael Arrington said his company was “inspired by the traction Algorand has on the market right now,” adding:
“With unsurpassed technology, robust resources for developers and a vision of long-term sustainability, Algorand is strengthening its community to more easily shape the future of finance.”
During the preparation for the bull market in 2017, Algorand was considered a serious competitor of smart contracts for Ethereum. According to Arrington Capital, the proof-of-stake blockchain raised more than $ 500 million in strategic investments. This includes and $ 25 million fund from Borderless Capital to support digital payment solutions in the Algorand network.
At the time of writing, Algorand was the 35th most valuable blockchain network with a total market capitalization of nearly $ 3.1 billion.