Cryptocurrency News

Algorand (ALGO) price strengthens as institutional investors back the project

Consolidation periods follow strong rallies but they also present a good opportunity to survey the area and evaluate projects with strong fundamentals.

One project that continues to gain traction in terms of value recovery and network adoption is Algorand (ALGO), a pure Proof-of-Stake (PoS) blockchain network that has developed new partnerships and applications for real-world use cases. Also got support. from multiple-million-dollar fund in recent weeks.

Large funds invest in Algorand-based projects

Raising funds is one of the biggest challenges facing many projects and last month Algorand Networks announced that digital asset manager Arrington Capital had committed $100 million to help accelerate additional development across all aspects of the smart contract platform. Funds were promised.

This development came on the heels of June 2. Announcement that Borderless Capital, a venture capital firm, had created a $25 million fund Aimed at Supporting Miami-based Blockchain Startups Developing digital payment solutions on the Algorand network.

related: Exodus Wallet Raises Nearly $60M in Crypto in Regulated Offering

New partnership woos investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects in various sectors that have joined as part of the Algorand community to take advantage of the low fee, POS environment.

The non-fungible tokens (NFT) sector is showing some interest in the network following a partnership with Curate that will allow the casting of NFTs as well as the release of a bridge by CurveGrid that will allow businesses to build NFTs and blockchain technology into their business. Will give and consumer mobile applications.

Other recent examples of adoption include a partnership with Bermuda-based MAPay healthcare payment solutions, which will host its payment solutions on the Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as Xfinity and A blockchain-based content engagement platform for the 224 million registered users of Eros Now to form a partnership with Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem.

Network partnerships and a growing list of investments from players in traditional finance suggest that ALGO is well positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from the recent sharp correction .

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