The Algorand Foundation has launched a Europe-focused program aimed at funding and developing startups working atop its proof-of-stake blockchain.
- The Algorand Europe Accelerator will support early-stage startups with seed funding and encourage blockchain development in the region, according to a press release Thursday.
- The 12-week program is funded by Eterna Capital and Borderless Capital.
- An initial $15,000 upfront seed amount from Borderless Capital will be provided to startups entering the program.
- That may be followed by up to $500,000 in additional investment to eligible projects from both Borderless and Eterna.
- "Europe is crucial for Algorand's growth," said Massimo Morini, chief economist at the Algorand Foundation. "London is an important startup hub."
- As well as funding, the program will offer developers and entrepreneurs "an array of tools and resources" for building decentralized applications.
- Startups will also be assisted with their go-to-market execution, marketing, fundraising, token economics and general guidance.
- Applications are currently open until Dec. 18, 2020.
- Algorand was founded by MIT professor and Turing Award winner Silvio Micali.