Arrington Capital, a digital asset manager, has put aside $100 million for programs based on the Algorand smart-contract platform, indicating that interest in the ecosystem is expanding.
According to the firm, the huge Arrington Algorand Growth Fund, or AAGF, is aimed to speed additional development throughout all aspects of the smart contract platform. This comprises uses from the DeFi, traditional banking, public sector, and NFT markets.
The AAGF will fund a variety of Algorand-related initiatives, notably native digital currencies that will power new financial services on the network.
Michael Arrington, the creator of TechCrunch and Crunchbase, formed Arrington Capital. The firm manages more than $1 billion in assets and has important interests in Unbound Finance, BlockFi, Polkadot, Kava, and a number of other companies.
Michael Arrington expressed his company’s enthusiasm about Algorand’s current market traction, saying:
“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.”
During the run-up to the 2017 bull run, Algorand was seen as a significant smart-contract challenger to Ethereum. As per Arrington Capital, the proof-of-stake blockchain has attracted over $500 million in strategic investments. Borderless Capital has put up a $25 million fund to encourage digital payment solutions on the Algorand network.
Algorand was the 35th most valued blockchain network at the time of publication, with a overall market capitalization of roughly $3.1 billion.