Borderless Capital will be debuting a new $500 million fund to develop projects built on the Algorand blockchain, CoinDesk reported. The fund is called ALGO Fund II.
The fund will work with digital assets that will power new decentralized apps. Projects will “disrupt the creators economy” with nonfungible tokens (NFTs) and other initiatives involved in “liquidity mining, lending, borrowing and yield farming,” the report stated.
Borderless, which is based in Miami, is one of the chief companies working with Algorand. This is the newest capital infusion for Algorand in just the last few days as ex-Citi exec Matt Zhang has also announced a $1.5 billion venture with Algorand as a strategic partner, according to the report.
Borderless has announced funding for Algorand before. In 2019, it rolled out ALGO Fund I, which has invested in over 100 companies in the last 30 months, the report stated. Borderless has around $400 million in Algorand projects in various funds.
In September, the Algorand Foundation announced the creation of the Viridis DeFi Program, a 150 million Algo fund to go toward decentralized finance (DeFi) innovation.
Part of the 150 million Algo will come from the AlgoGrant fund for developing DeFi and will go toward infrastructures like cross-chain bridges and price oracles.
There will be “SupaGrants” going toward bi-directional bridges from Ethereum and other chains, along with oracle networks from connected price feeds.
The rest will go toward liquidity incentives for the DeFi ecosystem, which will encompass Tinyman, a decentralized trading protocol, and other projects.
Algorand was founded in 2017 and was intended to help process transactions for DeFi, built on the back of a blockchain that was open, public and permissionless in order to promote a “frictionless exchange of value.”