There was good news regarding Algorand (ALGO) when it reportedly received funding support from digital asset management, Arrington Capital worth $ 100 million.
The fund, the Arrington Algorand Growth Fund (AAGF) aims to accelerate the latest development for all aspects of the platform. This also includes applications related to decentralized financial markets (DeFi), conventional finance, the public sector, and NFT.
AAGF will invest in Algorand-related projects as well as native cryptocurrencies driving new financial applications in the network.
For those who are new to Algorand, this network is considered a smart contract competitor (smart contract) close to Ethereum.
The blockchain, which focuses on Proof-of-Stake (PoS) operations, has also actually received a strategic investment of over $ 500 million. This includes a $ 25 million fund from Borderless Capital, support for the development of digital payment solutions at Algorand.
Meanwhile, Arrington Capital was founded by Michael Arrington.
This figure describes Algorand as an unmatched technology in addition to having great developers and a vision of sustainability that guarantees.
At the time of writing, ALGO is trading at $ 1.07 with an increase of 6.43% in 24 hours. ALGO is currently ranked 31st with a market value of over $ 3.2 billion.
