In its announcement Blockchain VC firm Borderless Capital claimed that it is investing a staggering $500 Million into the Algorand Ecosystem that is a direct competitor to Ethereum. The Investment will be done to power the decentralized applications built on Algorand.
Borderless Capital, a blockchain venture capital firm that is based in Miami, has announced that it will be investing an amount of $500 million into the Algorand powered ecosystem. Algorand is termed as a direct competitor to Ethereum as it provides a platform for building decentralized Apps (DApps).
According to the firm the investment will be directed towards boosting the technology behind the decentralized app (DApps) that are built on the Algorand network. This will help in improving the functionality of these decentralized applications and in strengthening the Algorand’s ecosystem as a whole. The fund will power the next generation DApps that will be built on the Algorand network.
This is the second fund investment into Algorand network by Borderless Capital as the fund 1 was raised in 2019 with a capital of $200 Million. “Algorand is the most efficient next generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption,” said Arul Murugan, Founding Managing Partner at Borderless Capital.
With the rising investments and improvements in the Algorand ecosystem, it can be seen as a direct competitor to Ethereum which is a more established network for developing decentralized applications but has seen various issues such as rise in the gas fees and an overly crowded network. Many entities from Ethereum’s ecosystem are shifting towards its lesser known competitors that have a better network efficiency and low gas fees.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as a financial advice. Own research on the topic is advisable.
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