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Algomint Closes USD$1.5m Seed Round To Lay Foundations for Algorand DeFi

Seed round closed with strong demand

Algomint is pleased to announce the conclusion of a private seed round of USD $1.5m. The remarkable demand from investors reflected on their strong conviction in the value Algomint will bring to Algorand DeFi by minting synthetic assets like goBTC, goETH, and goUSD.

“The DeFi ecosystem benefits from cross network asset flow. We’ve seen synthetic BTC on Ethereum and we’re looking forward to bringing BTC and ETH to Algorand.” Says Algomint co-founder, AJ Milne.

Investor and Partners

We are pleased to welcome below Algomint early investors in the seed round:

  • Borderless Capital, a VC fund creating and capturing value across all levels of the Algorand tech stack;
  • YBB, a blockchain investment firm that also provides marketing & PR, consulting, and technical support to portfolio companies;
  • GSR, a leading cryptocurrency trading firm with a leadership team from top financial institutions.
  • LD Capital, a China based investment firm investing and trading across diverse asset classes focusing on the digital economy;
  • 8186 Capital, a HK and Shanghai based private investment firm focusing on early blockchain projects, supporting growth across China, India & Latin America;
  • Valhalla Capital, a DeFi project incubator supporting early start-ups with capital, connections, research, and strategy;
  • NGC Ventures, one of the largest institutional blockchain and DLT investors in leading blockchain projects, with offices in Singapore, Shanghai, and San Francisco;
  • Ellipti, a cross-border accelerator focused on the Korean market and APAC region;
  • Kosmos Ventures, an Australian headquartered blockchain investment firm , supporting projects at all stages;
  • Cluster Capital, a global group of blockchain investors supporting industry changing projects
  • Bitfwd Capital, a cross-cultural blockchain investment and advisory firm
  • Meld Ventures, a blockchain investment firm backed by the Algomint founders focusing on fintech, blockchain, collectables and commodities sectors

Algomint is supported by below partners:

Future plans

With the seed investment, the team will complete V1 product offering in Q3. Meanwhile, we plan to establish strategic product partnerships and promote the adoption of goBTC and goETH.

Algomint will further focus on platform development, expanding the assets we offer with some of the first on the list being USD, Gold and DAI to name a few, and building out bridges to additional Layer 1 ecosystems which will include allowing assets to bridge out of the Algorand ecosystem.

We aim to create a truly interoperable ecosystem where funds will flow freely to where the value proposition is the most competitive, which means those with superior technical and economical offerings will be better off. “Strong players embrace rather than refrain from competition, that brings efficiency and innovation to the DeFi space,” says Michael Cotton, co-founder of Algomint.

Set up a reminder to join the Algomint Founder AMA at Twitter Space at 9pm AEST this Friday, 2nd July!

(Tokyo 8pm, Beijing 7pm, Mumbai 4:30pm, Istanbul 2pm, London 12pm, Lagos 12PM, Sao Paulo 8am, New York 7am )

Fundraising Feature Story

Michael Cotton, co-founder of Algomint, fondly recounted the stressful yet invigorating two weeks of seed round fundraising:

“If I had 1 Algo for every investor that used the word excited during our meetings we wouldn’t have needed to do a raise!

The project has been really well received. It was clear that the desire for quality projects and expansion of Layer 1 ecosystems outside the Ethereum ecosystem is strong. All the investors we spoke with are looking to Gen 2 and Gen 3 protocols and what the next evolution will look like. It was also clear that the Algorand technology is one of the best in the market with the long term outlook for its usability being very high. (We of course already knew this haha).

Investors were all really excited to hear about the number of quality projects coming to Algorand signifying the greatly anticipated DeFi boom that we are about to see. This is why Algomint is so important as it allows the flow of equity in and out of the ecosystem. We give users who are currently entrenched elsewhere the chance to move easily into the Algorand ecosystem and experience all the benefits Algorand has to offer.

The raise also gave us the opportunity to speak to a lot of Algorand’s early investors and to hear of how committed they were to Algorand and truly believe in its position as one of the major blockchain techs that will be a part of the multi- chain future, it was great to hear.

It also demonstrated how many amazing people there are in our community that were keen to help in any way they could. Collectively the blockchain space is delivering change and it is always so energising to feel that collaborative energy amongst peers, it only propels us all to do better, work harder and innovate more.

One of my favourite lines I found myself repeating on almost every call was that Algomint, Algorand and the great projects in the ecosystem have an important role to play over the next few years which is creating ‘Sticky Equity’ ‘(not sure if this is a real thing but it made sense). Sticky Equity essentially means that we need to create incentives and allure to bring equity into the Algorand ecosystem, and once it is in, show the true value and why Algorand tech is so powerful, easy to use and in turn a valuable piece of the future. In essence having that equity stick in the Algorand ecosystem. A challenge we are certainly up for!

Lastly, I did find myself apologising on most calls as I ended up talking straight without pause for minutes on end, not sure I even took a breath. Thankfully I remained conscious!”

About Algomint

Algomint empowers the next generation of DeFi by bridging popular assets like BTC, ETH, USD to Algorand, a FutureFi blockchain protocol with ultra-high speed and super low cost. Algomint is built by Meld Gold founders, Michael Cotton and AJ Milne, who aspire to create a decentralised future of financial inclusion and freedom.

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Algomint empowers the next generation of DeFi by bridging popular assets like BTC, ETH, USD and a range of other key tokens to Algorand.