Support for the Algorand ecosystem appears to be growing, with digital asset manager Arrington Capital committing $ 100 million to projects leveraging the smart contract platform.
The massive Arrington Algorand Growth Fund, or AAGF, was designed to accelerate further development across all facets of the smart contract platform, the company said 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 are driving new financial applications on the network.
Arrington Capital was founded by TechCrunch and Crunchbase founder Michael Arrington. The company oversees over $ 1 billion in assets under management and its portfolio includes key investments in Unbound Finance, BlockFi, Polkadot, Kava and many more.
Michael Arrington said his business is “inspired by the traction Algorand has in the market right now,” adding:
“With unparalleled technology, robust development resources and a vision of long-term sustainability, Algorand makes it easier for its community to create the future of finance. “
Related: Pantera Capital and Arrington XRP Capital lead unrelated $ 5.8 million fundraiser.
Algorand was seen as a serious competitor to Ethereum’s smart contracts in the run-up to the 2017 bull market. The proof-of-stake blockchain received more than $ 500 million in strategic investments, according to Arrington Capital. This includes 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 nearly $ 3.1 billion.