Borderless Capital is to launch a $25 million fund for blockchain investment in Miami harnessing Algorand and the technology of stablecoin USDC operator Circle.
- Borderless.Miami will help local companies build platforms for payments and capital markets leveraging Alogrand technology, according to an emailed announcement Wednesday.
- Features of USDC and Circle Business Services built on the Alogrand blockchain will also be part of the venture.
- Miami was chosen because of its blockchain-friendly outlook, driven in a large part by pro-bitcoin Mayor Francis Suarez.
- "With the support of Algorand, Circle and other top local partners, we’re building an ecosystem in line with our vision for Miami," Suarez said. "I am so excited to work with Borderless.Miami to make Miami the epicenter for digital capital markets in our pursuit of becoming the ‘Capital of Capital’."
- Suarez has previously stated his intention to turn Miami into a bitcoin mining hub, harnessing the city's nuclear power capability to increase the U.S.'s global share of the mining industry. He also attempted to introduce bitcoin as a means for residents to pay public services and as a salary option for city employees, but was halted by Miami's commissioners, pending further discussion.