Algorand Foundation Joins Forces with Borderless Capital, Arrington Capital, and DWF to Invest in Pera Algo Wallet

The Algorand Foundation, in partnership with Borderless Capital, Arrington Capital, and DWFLabs, has announced a strategic investment in the Pera Algo Wallet. This investment aims to expedite the expansion and adoption of the Algorand ecosystem by enhancing the capabilities of this self-custodial wallet.

Pera Algo Wallet, an open-source platform, empowers users to securely store, purchase, and trade cryptocurrencies on the Algorand blockchain. The Algorand Foundation’s commitment to providing essential tools and support for ecosystem growth is exemplified by its decision to support and nurture Pera Algo Wallet.

Under the leadership of CTO HYigitGuler, the core engineering team of Pera Algo Wallet will continue to advance the platform’s features and functionality. Oversight of Pera Algo Wallet will be assumed by the Algorand Foundation’s EVP of Ecosystem Growth, mintwt, and Principal Architect, Bruno Martins, who brings a wealth of experience in wallet architecture, mobile applications, applied cryptography, and encrypted messaging systems.

The Algorand Foundation reaffirms its dedication to fostering a diverse ecosystem by pledging continued support for various Algorand wallets, including Defly, Exodus, Fireblocks, Ledger, MyAlgo, DaffiWallet, and more.

Pera Algo Wallet, which recorded over 1 million new app downloads in 2023, will maintain uninterrupted wallet services and customer support for existing users following this strategic partnership.

This investment by the Algorand Foundation underscores its commitment to bolstering the cryptocurrency ecosystem. It is anticipated that this collaboration will pave the way for further advancements within the Algorand network, potentially expanding opportunities for cryptocurrency adoption and utilization.

For those interested in gaining deeper insights into this partnership and its implications for the Algorand ecosystem, the Algorand Foundation will host a live event on their Spaces channel at 12:00 pm EDT.

The Algorand community has enthusiastically received this announcement, with members expressing optimism about the potential use of $Algo for payments on platforms like Shopify. This showcases the growing enthusiasm within the Algorand community.

The Algorand Foundation’s dedication to nurturing the Algorand ecosystem through strategic investments exemplifies its commitment to the blockchain industry’s growth and development.

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Blockchain-based Distribution Protocol TravelX Raises $10m in Seed Round

TravelX, a company focused on using blockchain technology for distribution in the travel industry, has raised a $10 million seed round led by Borderless Capital.

The new funding raised will be used for a blockchain-based distribution protocol that the company will launch later this year. The protocol price allows airlines of all kinds and travel suppliers to tokenize inventory and create new distribution models and new use cases.

Other investors include Algorand, Draper Cygnus, Myelin Capital and Monday Capital.

Juan Pablo Lafosse, CEO of TravelX, said he is excited to be building a blockchain-enabled solution that “will help suppliers and intermediaries enhance efficiency and profitability, while also improving the traveller experience,” he added:

“Friction and inefficiency continue to be pervasive in travel distribution, and the challenges related to the pandemic have increased the imperative for change.”

Founded in 2021, TravelX is a startup promoting travel and Web3 and connecting travel and Decentralized Finance (DeFi).

Customers can also change, cancel, transfer and sell tokenized inventory more quickly and conveniently, creating a win-win picture of increased traveller flexibility and supplier profitability.

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Borderless Capital launches half billion dollar fund for Algorand projects

Capital venture firm Borderless Capital has launched a fund worth $500 million to support projects building on the Algorand blockchain.

According to a Nov. 30 announcement from the Miami-based company, the Borderless ALGO Fund II will aim to back digital assets powering the “next generation” of decentralized applications (DApps) on Algorand.

The firm highlighted nonfungible token (NFT) and decentralized finance (DeFi) projects in particular, noting that it is looking at opportunities to “disrupt the creators economy” with NFTs while accelerating the growth of funding into Algorand’s DeFi ecosystem.

The move from Borderless comes in the same week that former Citi executive Matt Zhang introduced Hivemind Capital Partners on Nov.29, a $1.5 billion multi-strategy fund focused on promising crypto plays such as infrastructure projects, virtual worlds and programmable money. As part of the announcement, it was also revealed that Hivemind’s first technology partner is Algorand.

Algorand is an open-source decentralized blockchain that was launched in mid-2019 by computer scientist Silvio Micali. The blockchain was designed for speed, security and stability and has been touted as an Ethereum competitor amid ALGO’s surging growth in 2021.

“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, the founding managing partner at Borderless Capital.

The new $500 million fund adds to $400 million worth of Alogrand focused funds that Borderless Capital already manages. Earlier this month the firm closed a $10 million fund focused on PlanetWatch, a decentralized air quality monitoring network built on Algorand.

Related: Algorand launches virtual machine to increase smart contract capabilities

According to data from DeFi Llama, Algorand is currently ranked as the thirty-sixth largest blockchain in terms of total value locked (TVL) in DeFi at $97.4 million. The top project on the network is Yieldly (YLDY) which offers a suite of DeFi apps and has a total TVL of $68.4 million.

Coingecko shows that the price of ALGO is up 470% over the past 12 months to sit at $1.86 at the time of writing. ALGO’s all-time high was more than two years ago, briefly topping $3.50 in June 2019 before sharply crashing below the $1 mark.