Algo Capital, an investment company specializing in the Algorand blockchain ecosystem, raised $ 200 million to open its own Algo VC Fund venture capital fund.
Despite the fact that Algo Capital was created as an organization independent of the Algorand Foundation and Algorand LLC, which control the development of the Algorand blockchain, it invests exclusively in projects within the Algorand economy.
The company said the fund will focus on application and infrastructure projects on Algorand to accelerate the adoption of Algo cryptocurrency as a means of payment. Algo Capital founder and managing partner Arul Murugan said:
“Our investment approach is aimed at companies that create new applications and infrastructure solutions for the blockchain and, as a result, help accelerate the implementation of the blockchain and attract millions of new users to the Algorand network.”
The company received all investments in Algo cryptocurrency, which will be the main currency for settlements. The undisclosed portion of the investment also consists of Algo to allow portfolio companies to use cryptocurrency as a means of payment.
Two months ago, the Algorand project raised more than $ 60 million through an ICO. The project was first announced last winter when MIT professor Silvio Micali received $ 4 million to create an “improved blockchain”. In addition, last fall, the project attracted an investment of another $ 62 million.