The Algorand Foundation is expanding its support of the decentralized finance (DeFi) space with a new fund called the Viridis DeFi. The foundation said in a press release that the fund will support the community with 150 million ALGO tokens (~$300 million) to enhance the development of the DeFi ecosystem on Algorand.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"We will be sharing more news and content on this innovative and exciting program over the next weeks and the Viridis DeFi fund will also be featured as a dedicated section on our website," the announcement says.
Out of 150 million ALGO, 50 million tokens from the AlgoGrant fund will be used to support not only DeFi, but also DApps. The foundation has also said that the first $5 million SupaGrant will be spent on proposals to build "bi-directional bridges from Ethereum and other chains." With the grant, the foundation wants to ensure that quality DeFi projects will be able to access liquidity easily.
The announcement comes after Arrington Capital, a blockchain-dedicated management firm, launched a $100 million fund to support Algorand-related initiatives in June this year. The so-called Arrington Algo Growth Fund (AAGF) encourages additional development on the Algorand blockchain, including DeFi and non-fungible tokens (NFT).
As of press time, ALGO is trading at $1.95. The token's market cap is down by 16.4% at $11.3 billion.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.