Algorand Foundation Launches $300M DeFi Innovation Fund

The Viridis DeFi Fund will support development of DeFi applications such as exchanges, money markets and NFT platforms.

Sep 10, 2021 at 11:49 a.m. UTC
Updated Sep 10, 2021 at 7:32 p.m. UTC

The Algorand Foundation has launched a 150 million ALGO (US$300 million) fund to support innovation in decentralized finance (DeFi) on the Algorand network.

  • The Viridis DeFi Fund will support the development of DeFi applications such as exchanges, money markets and non-fungible token (NFT) platforms.
  • The fund commences with the launch of two $5 million “SupaGrants,” the Algorand Foundation announced Friday.
  • The first SupaGrant will support applications for building bridges between Algorand and other networks such as Ethereum, while the second will seek proposals for integrating oracle networks – which provide real-world information to blockchains – with associated price feeds.
  • Algorand already has around 700 organizations building on it and is backed by entities including TechCrunch founder Michael Arrington’s crypto venture capital firm Arrington Capital, which launched a $100 million fund for Algorand-based projects in June.

CORRECTION (SEPT.10, 12:03 UTC): Corrects spelling of Algorand in the headline.

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Jamie Crawley is a CoinDesk news reporter based in London.