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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.