Borderless Capital’s support for Algorand-based growth has taken another incremental turn, with the venture capital firm launching a new $25 million fund in Miami.
In an announcement Wednesday, the investment firm said the $25 million fund will focus on supporting blockchain startups in downtown Miami.
without limitation. Miami Fund, VC firm has joined stablecoin issuer Circle to fuel the development of digital payments and digital capital markets in Miami.
In addition to direct investments in blockchain startups, Borderless Capital is also seeking to launch the Algorand Miami Accelerator. Algorand Accelerator Program in Europe And Asia has worked to encourage and encourage the development of blockchain in their respective jurisdictions.
With Circle, the planned $25 million fund will reportedly use the USD Coin (USDC) stablecoin as well as other aspects of Circle’s business to fuel digital payments technology breakthroughs built on the Algorand blockchain.
According to Wednesday’s announcement, the Blockchain Investment Fund has already received support from the city council. Commenting on the development, Miami Mayor Francis Suarez described the fund as an embodiment of the public-private partnership that is pushing the envelope of blockchain innovation in Miami:
“With the support of Algorand, Circle and other top local partners, we are building an ecosystem in line with our vision for Miami. I am very excited to be working with Borderless. To see Miami become the ‘Capital of Capital. In our quest to make Miami the hub of digital capital markets.
Indeed, Miami has positioned itself as a Forward-thinking city in terms of crypto and blockchain adoption in recent months. City set to host Bitcoin 2021 conference on June 3 Over 50,000 attendees expected to attend the three-day event
According to David Garcia, CEO of Borderless Capital, Miami is a niche in terms of blockchain development. As part of the announcement, Garcia revealed that the VC firm was relocating its headquarters to the city.