Arrington Capital, a crypto asset manager, has announced the formation of a $100 million fund to invest in businesses built on the Algorand blockchain.
The main goal of the Arrington Algo Growth Fund, according to representatives from Arrington Capital, will be to expand the Algorand ecosystem and its development in the fields of decentralized finance, traditional assets, the public sector, the NFT space, and other areas indirectly or directly related to the cryptocurrency industry.
Michael Arrington expressed his admiration for the Algorand startup’s outstanding developers. His firm claims that Arrington’s support and conviction in the Algorand blockchain’s success are reflected in the fund’s introduction.
The following are some of the startup’s most recent accomplishments:
- The firm was formerly valued at $700 million, and the sold shares were transformed into tokens on the Algorand blockchain
- By shifting $800 million in traditional payments to the blockchain, MAPay hopes to redefine healthcare in Bermuda.
- Bnext is a money transfer company that employs Algorand to lower transaction costs and expedite processing.
In addition to the Arrington Algo Growth Fund, the Algorand blockchain has received over $500 million in investments from various firms, bolstering the team’s long-term goals to digitalize the financial industry.