Investment firm Borderless Capital has closed a $10 million fund for mining and staking HNT, the native token of The People's Network, which is built on the Helium blockchain.
- HNT.Fund's wants to create a "Wrapped HNT" on the Algorand blockchain to enable HNT use in decentralized finance (DeFi) and centralized finance (CeFi) applications, according to an emailed announcement Wednesday.
- Helium uses blockchains and tokens to incentivize consumers and businesses to run commercial telecommunications hubs that support the ecosystem in what is called a "proof-of-coverage" model.
- It announced the launch of a 5G version of its network in April.
- HNT.Fund is the first non-Algorand fund that Borderless Capital has been involved in.
- Participants in the fund included Adam Bain, the former chief operating officer of Twitter, and Sandeep Nailwal, the co-founder of the Polygon protocol.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.