Altcoin News: Algorand Fund Raised $200 Million to Develop Its Blockchain Ecosystem
August 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Algo Capital has raised $200 million for its venture capital fund, the Cointelegraph writes this Tuesday. The amount collected is exactly 2 times higher than the primary goal of the project.
The new fund will invest in third-party companies and support the creation of infrastructure for the Algorand blockchain and the distribution of its own ALGO token as a payment tool.
According to a press release, the Algo VC fund received the support of investors such as Brainchild, NGC Ventures (the venture arm of NEO Global,) Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc., Wibson, 11–11 Ventures, DG Ventures, Winslow Strong, Invermaster, and others.
The fund, presumably a major holder of ALGO, has revealed the names of companies that will be able to receive its investments first. These included the Securitize security token issuing platform, Idex decentralized exchange, BlockDaemon blockchain infrastructure developer, and OTCXN institutional exchange.
Investments for the fund were attracted in ALGO tokens, which will also be used as the main currency for settlements. Algo Capital notes that it will develop joint initiatives with various international startup accelerators and venture studios to expand its presence in North and Latin America, Europe and Asia.
In June, Algorand managed to raise $60 million by selling ALGO tokens on financial services platform CoinList, and last year the project received $66 million in venture financing with the participation of VC firms Union Square Ventures and Pillar Venture Capital.
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