Cryptocurrency News

Arrington Capital to support Algorand projects with $100M development fund

Support for Algorand Ecosystem Digital asset manager Arrington Capital has invested $100 million to build projects on the smart-contract platform, which is growing.

The massive Arrington Algorand Growth Fund, or AAGF, is designed to accelerate additional growth in all aspects of the smart contract platform, the company announced Thursday. This includes applications spanning DeFi, traditional finance, public sector and NFT markets.

AAGF will invest in a range of Algorand-focused projects, including native cryptocurrencies that power new financial applications on the network.

Arrington Capital was founded by Michael Arrington, founder of TechCrunch and CrunchBase. The company oversees over $1 billion in assets under management and its portfolio includes major investments in Unbound Finance, BlockFi, Polkadot, Kava, and many more.

Michael Arrington said that his firm is “driven by Algorand’s traction in the market right now,” adding:

“With unmatched technology, strong developer resources, and a vision for long-term sustainability, Algorand is empowering its community to more easily create the future of finance.”

related: Pantera Capital and Arrington XRP Capital raise $5.8M in unbound finance.

During the run up to the 2017 bull market, Algorand was viewed as a serious smart-contract competitor to Ethereum. According to Arrington Capital, Proof-of-Stake Blockchain has received over $500 million in strategic investment. it contains a $25 million fund from Borderless Capital To support digital payment solutions on the Algorand network.

At the time of writing, Algorand was the 35th most valuable blockchain network, with a total market capitalization of approximately $3.1 billion.