Arrington Capital, a blockchain-dedicated management firm, has launched a $100 million fund to support Algorand-related initiatives. According to an announcement, the so-called Arrington Algo Growth Fund (AAGF) will encourage additional development on the Algorand blockchain, including decentralized finance (DeFi) and non-fungible tokens (NFT).
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"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," the announcement says.
Michael Arrington, Partner at Arrington Capital, says that the launch of the fund represents commitment to "supporting the growth and success of the Algorand ecosystem." Prior to AAGF, the Algorand ecosystem already witnessed a group of funds with a total capital of more than half a billion dollars. As of press time, Algorand's native token ALGO is down by 2.57% and is trading at $1.
In June last year, a not-for-profit organization Algorand Foundation entered into a collaboration with Circle, a crypto-focused fintech firm, to bring fiat-backed stablecoin USD Coin (USDC) to Algorand blockchain. As a result of the collaboration, clients of Circle Business Accounts and Circle APIs can now move funds between traditional banks and card networks to digital dollars on the Algorand blockchain.
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