Borderless Capital, a cryptocurrency investment firm focused on the Algorand ecosystem, has announced the launch of a new $500 million investment fund called Borderless ALGO Fund II. The firm said in an announcement the capital of the new fund will be focused on decentralized applications based on the Algorand architecture.
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"As accelerated adoption of Algorand's technology continues, we are excited to see Borderless fund coming to fruition to support the next wave of DeFi on Algorand," Steve Kokinos, CEO of Algorand.
In June 2019, Borderless Capital launched ALGO Fund I with $400 million of capital. The fund was backed by Tinyman, IntoTheBlock, Flare Network, and other investors. The launch of the new fund comes after the Algorand Foundation launched a $300 million Viridis DeFi fund dedicated to boosting support of the decentralized finance (DeFi) space on the Algorand ecosystem.
In June this year, Arrington Capital, a blockchain-dedicated management firm, also rolled out a $100 million fund to support Algorand-related initiatives. The so-called Arrington Algo Growth Fund (AAGF) encourages additional development on the Algorand blockchain, including DeFi and non-fungible tokens (NFT).
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