Algorand Announces $300M Fund Focused on DeFi Space

The company behind Algorand (ALGO), Algorand Foundation, announced it would launch a $300 million fund focused on the decentralized finance (DeFi) world.

Algorand (ALGO) Announces $300M Fund Focused on DeFi Space
Algorand (ALGO) | Image: Crypto News BTC

According to the statement on Friday, the fund is called Viridis, and it will focus on financing the development of DeFi on Algorand’s network. Notably, the Viridis project will focus on decentralized exchanges (DEXs), non-fungible token (NFTs) platforms, synthetic asset applications, money markets, and options markets.

Furthermore, the foundation also stated it will launch 2 ‘SupaGrants’ which create additional DeFi support. This includes an oracle network and a bridged network, adding $10 million for both. Note that 150 million of ALGO, Algorand’s native token has been designated to the fund, which is worth roughly $300 million as of now.

Following this, Stephen Duignan, Head of Marketing, said,

“Algorand is a proven blockchain network that meets the rigorous speed, security, and stability requirements needed to launch enterprise-ready applications. The Algorand ecosystem has experienced significant growth this year in NFTs, DeFi, and beyond. More than half a billion dollars flowed into the ecosystem in the first half of 2021 alone."

In addition, Duignan said, “As we look ahead, there will be increased adoption of Algorand-based DeFi applications and decentralized governance that will continue this momentum."

According to CoinMarketCap, ALGO is trading at $1.97 with a 24-hour volume of $2,689,503,360, at press time. On September 10, Algorand (ALGO) hit its all-time high as it was trading at around $2.43.