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Business

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.

By Jamie Crawley
AccessTimeIconSep 10, 2021 at 7:32 p.m. UTC
(PublicDomainPictures/Pixabay)

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Jamie Crawley is a CoinDesk news reporter based in London.

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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.

Read more: Algorand Gets Cozy With Crypto Custodian Copper

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

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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