Arrington Algo Growth Fund will focus on further expanding the Algorand ecosystem
SEATTLE, Wash., June 10, 2021 /PRNewswire/ -- Arrington Capital, a digital asset management firm in blockchain-based capital markets, today announced it has launched a new $100 million USD fund to support initiatives building on Algorand, a leading blockchain accelerating the convergence of decentralized and traditional finance. The Arrington Algo Growth Fund (AAGF) aims to encourage and spur additional development on Algorand, which has seen significant growth and adoption recently across DeFi (decentralized finance), traditional finance, the public sector, NFT space and more.
AAGF will invest in Algorand-focused projects, including liquid and illiquid coins, to empower projects that are creating new financial applications in the Algorand ecosystem. Algorand, the brainchild of Turing Award winner Silvio Micali, was designed from the ground up for modern financial applications and provides the security, decentralization, scalability and efficiency needed to support billions of users - all on a carbon-negative blockchain.
"We are inspired by the traction that Algorand has in the market right now. With unmatched tech, robust developer resources and a vision for long term sustainability, Algorand is empowering its community to more easily create the future of finance," said Michael Arrington, Partner at Arrington Capital. "The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem."
Recent Algorand adoption highlights include Exodus' announcement of their digital security ($700m valuation), MAPay transforming Bermuda's healthcare system and moving $800m in traditional healthcare payments to Algorand, Bnext revolutionizing the remittances market in Europe and LatAm by processing an initial $100m in remittances on Algorand, and SAP providing an open connector API to enable its enterprise customers much needed interoperability between SAP and the public Algorand blockchain.
"It has been our approach at Algorand since the beginning to partner with those who are contributing in a meaningful way to the Algorand ecosystem as they invest and deploy capital," said W. Sean Ford, COO of Algorand. "The Arrington Algorand Growth Fund represents yet another key strategic pillar in supporting the momentum of those building on top of what we think is the best technical platform for regulated defi and the future of finance."
The launch of AAGF comes on the heels of consistent funds that have been created to support Algorand-based initiatives, including accelerators across Asia and Europe:
- $25m fund in Miami
- $400m fund from Borderless Capital
- $10m fund for NFTs, and
- $250m grant program from the Algorand Foundation
In total, more than half a billion dollars in investment has come from various groups who align with Algorand's long-term vision for the Future of Finance.
About Arrington Capital
Arrington Capital is a digital asset management firm primarily focused on blockchain-based capital markets. The firm, founded in 2017 by TechCrunch and CrunchBase founder Michael Arrington and TechCrunch CEO Heather Harde, has over $1 billion under management and has invested in hundreds of startups across the world. Arrington Capital is a seasoned, international team composed of Silicon Valley veterans and operators with deep venture capital experience and crypto native roots. Arrington Capital's first fund was Arrington XRP Capital, and has expanded to multiple funds over time. For more information on Arrington Capital, visit http://arringtoncapital.com/.
About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit https://www.algorand.com/.
Contact: algorand@dittopr.co
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