Arrington Capital has launched a $100 million fund to support initiatives building on Algorand blockchain
Arrington Capital Management, a digital asset management firm in blockchain-based capital markets, is launching a $100 million fund for bets on projects building on the Algorand blockchain.
Today, @arringtonXRPcap announced the launch of a $100M fund to invest in #Algorand-based initiatives! The Arrington Algo Growth Fund (AAGF) will focus on empowering projects building on Algorand & supporting ecosystem growth: https://t.co/cWKsD73Ub4 #futurefi @arrington pic.twitter.com/LFlCQcoaQh
— Algorand (@Algorand) June 10, 2021
Called the Arrington Algo Growth Fund (AAGF), the fund aims to encourage and spur additional development on Algorand, which has seen significant growth and adoption recently across DeFi (decentralized finance), traditional finance, the public sector, NFT space and more.
Arrington Capital was founded by TechCrunch and Crunchbase founder Michael Arrington. The company oversees more than $1 billion in assets under management and its portfolio includes key investments in XRP, Vega, Efinity, Anchor, Moonbeam, BlockFi, Polkadot, Acala, and many others.
Michael Arrington, founder of the TechCrunch
The launch of Arrington Algo Growth Fund comes on the heels of consistent funds that have been created to support Algorand-based initiatives, including accelerators across Asia and Europe:
- $25m fund in Miami
- $400m fund from Borderless Capital
- $10m fund for NFTs
- $250m grant program from the Algorand Foundation
“We are inspired by the traction that Algorand has in the market right now. 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. The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem,” said Michael Arrington.
“It has been our approach at Algorand since the beginning to partner with those who are contributing in a meaningful way to the Algorand ecosystem as they invest and deploy capital,” said W. Sean Ford, COO of Algorand. “The Arrington Algorand Growth Fund represents yet another key strategic pillar in supporting the momentum of those building on top of what we think is the best technical platform for regulated defi and the future of finance.”
Arrington Capital may be best known in the cryptosphere for its XRP fund, which launched in late 2017 also with $100 million in capital.
At the press time, Algorand was the 35th most valuable blockchain network, with a total market capitalization of nearly $3.244 billion, according to Coingecko.
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