Algorand Crypto Rallies on Backing from Institutional Investors
Consolidation phases usually follow large rallies, but they may also be used to scan the market and assess initiatives with solid fundamentals. Algorand (ALGO), a true proof-of-stake (POS) blockchain network that has recently entered into new collaborations and witnessed real-world use case solutions, and also backing from multi-million-dollar investors, is one venture that is continuing to gather momentum in terms of value and network usage.
Several ventures struggle to raise cash, and the Algorand network recently revealed that Arrington Capital, a digital asset management, has contributed $100 million in investment to assist speed further advancement throughout all aspects of the smart contract infrastructure.
This comes after Borderless Capital, a private equity firm, said on June 2 that it had put in place a $25 million fund to promote Miami-based blockchain firms creating cashless transactions on the Algorand network.
A quick glance at the Algorand Foundation’s Twitter feed reveals an increasing number of cryptocurrency initiatives from a range of industries that have embraced the Algorand network to benefit from the low-fee, POS framework.
After the a joint venture with Curate that will permit for the minting of nonfungible tokens and the launch of a bridge by Curvegrid that will help businesses to integrate NFT and blockchain technology into their business and consumer mobile apps, the nonfungible token (NFT) sector is displaying some involvement in the network.
Today, @arringtonXRPcap announced the launch of a $100M fund to invest in #Algorand-based initiatives! The Arrington Algo Growth Fund (AAGF) will focus on empowering projects building on Algorand & supporting ecosystem growth: https://t.co/cWKsD73Ub4 #futurefi @arrington pic.twitter.com/LFlCQcoaQh
— Algorand (@Algorand) June 10, 2021
A joint venture with the Bermuda-based MAPay healthcare payment platform, which will support its payments system on the Algorand blockchain in an attempt to enhance productivity and lowering healthcare costs, and also a strategic alliance with Xfinite and Eros Now to develop a blockchain-based content engagement platform for the 224 million registered users of Eros Now, are two other notable examples of implementation.
Today, @borderless_cap announced the launch of a $25M fund to accelerate #blockchain-based innovation in #Miami! The https://t.co/8MIIX0cHCg fund will focus on empowering local companies that are leveraging the Algorand #blockchain and @circlepay USDC 👉 https://t.co/o0HlotUKuu pic.twitter.com/YaNxs2bLmK
— Algorand (@Algorand) June 2, 2021
These new agreements follow a hectic year for the platform, which saw the inclusion of the top two stablecoins in the cryptocurrency ecosystem, USD Coin (USDC) and Tether (USDT). ALGO is well-positioned to see potential development as the blockchain industry sees continuing acceptance and the crypto market rebounds from its recent steep fall, as seen by a growing number of network collaborations and investments from mainstream financial firms.
“By running USDT and USDC on Algorand, users can transact in their preferred U.S. dollar-backed #stablecoin at a fraction of the cost and time.”@JayHao8 highlights the performance of the Algorand #blockchain in a recent @Cointelegraph article: https://t.co/AfMKbFpWlp
— Algorand (@Algorand) March 9, 2021