Venture capital firm Borderless Capital has launched a $ 500 million fund to support projects based on the Algorand blockchain.

Borderless ALGO Fund II will focus on supporting digital assets that power the “next generation” of decentralized applications (DApps) on Algorand, according to an announcement Monday from the Miami-based company.

Specifically, the company highlighted non-fungible token (NFT) and decentralized finance (DeFi) projects and indicated that it is looking for opportunities to “disrupt the creative economy” with NFTs while accelerating funding growth across the DeFi-Algorand ecosystem. …

The move from Borderless comes the same week that former Citi CEO Matt Zhang on Sunday unveiled Hivemind Capital Partners, a $ 1.5 billion multi-strategy fund focused on promising cryptocurrencies such as infrastructure projects, virtual worlds and programmable funds. The announcement also revealed that Hivemind’s first technology partner is Algorand.

Algorand is an open source decentralized blockchain launched by computer scientist Silvio Micali in mid-2019. The blockchain is designed for speed, security, and stability, and has been recognized as a competitor to Ethereum at the height of ALGO’s exponential growth in 2021.

“Algorand is the most efficient next-generation blockchain software on the market right now, the next frontier of investment opportunity and disruption,” said Arul Murugan, co-founder of Borderless Capital.

The new $ 500 million fund adds $ 400 million from Alogrand funds already managed by Borderless Capital. Earlier this month, the company closed a $ 10 million fund focused on PlanetWatch, a decentralized air quality monitoring network built on Algorand.

Related: Algorand Launches Virtual Machine To Increase Smart Contract Capabilities

According to DeFi Llama data, Algorand is currently ranked as the 36th largest blockchain by total blocked value (TVL) in DeFi at $ 97.4 million. The best project on the web is Yieldly (YLDY), which offers a DeFi suite of apps and has a total TVL value of $ 68.4 million.

Coingecko says the ALGO price has risen 470% over the past 12 months to $ 1.86 at the time of writing. It was an all-time high for ALGO in more than two years, and in June 2019 it peaked at $ 3.50 and then plummeted below the $ 1 mark.

Source: CoinTelegraph