Digital asset management firm Arrington Capital has announced the launch of a $100 million fund, set to invest in initiatives built on the Algorand blockchain.
It launched the fund, entitled the Arrington Algo Growth Fund (AAGF), in hopes of encouraging further growth in Algorand’s ecosystem. According to a release, the blockchain has already seen “significant growth and adoption recently.”
The firm singled out decentralized finance (DeFi), traditional finance, and non-fungible tokens (NFTs) as particular areas of expansion. In a statement, Arrington Capital confessed themselves “big fans of Algorand.”
“We are inspired by the traction that Algorand has in the market right now,” Michael Arrington, partner at Arrington Capital, also said. “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.”
Arrington Capital previously invested in the blockchain’s private rounds. Since then, it maintained relationships with their executives, including founder Silvio Micali and company COO Sean Ford.
Recent traction at Algorand
Arrington Capital is just the latest firm to set their eyes on Algorand this month. On June 10, a release revealed that the blockchain company had also come under the radar of Xfinite and Eros Now. The entertainment platforms were expanding their partnership to account for a blockchain-based content engagement program, a program based on Algorand.
Algorand will reportedly provide the foundational blockchain infrastructure, as Xfinite selected the scalable blockchain to support accelerating adoption.
Meanwhile, Algorand also entered into a partnership with Tokyo-based blockchain company Curvegrid. This collaboration will integrate Curvegrid’s MultiBaas NFT Bridge, the company’s premiere product, onto the Algorand ecosystem.
The NFT Bridge enables developers of all kinds to prototype and build blockchain apps. In addition, businesses can develop NFTs and incorporate them into their consumer apps.
Arrington’s other ventures
BeInCrypto recently spoke with Arrington about his latest venture, in association with blockchain-verified property selling platform Propy. Namely, the sale of his own apartment as an NFT. The world’s first ever example of a real estate NFT.
The studio apartment in Kiev, Ukraine, went up for auction on June 8, with the bid starting at $20,000. Following 43 bids, the property sold for 36 Ether (ETH), equating to $93,429.
Source: Yahoo Finance