SINGAPORE, June 8, 2020 – Algorand Foundation, a not-for-profit organization making an open-source, permissionless, pure proof-of-stake blockchain protocol, has launched Algorand Asia Accelerator together with Borderless Capital, the Algorand-focused blockchain venture fund.
Powered by LongHash Ventures, the native Web 3.0 blockchain accelerator and investor, Algorand Asia Accelerator aims to encourage and spur blockchain development in particular synergy with Finance 3.0 and beyond, empowering projects to build, grow and foster financial innovations in the Algorand ecosystem.
The program offers USD$15,000 upfront seed funding for each selected project, with these projects also eligible for up to USD$250k in follow-on investment.
For the duration of the 12-week accelerator program, Algorand Asia Accelerator provides selected projects with end-to-end support across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technological mentorship, token economics, marketing, and fundraising.
Commenting on the launch of Algorand Asia Accelerator, Fangfang Chen, Chief Operating Officer at Algorand Foundation, said:
“Innovation is a collaborative journey. Along with our latest grant program, which aims to distribute more than USD $60M to build a vibrant ecosystem, Algorand is consistently supporting some of the most promising minds in the industry. Algorand Asia Accelerator is the natural culmination of our efforts, in particular, refining our focus on Finance 3.0 to realize the promise of a truly borderless economy.”
Algorand Asia Accelerator has onboarded mentors distinguished in various fields and disciplines, including Paolo Ardoino, Chief Technology Officer at Tether, Carlos Domingo, Chief Executive Officer and Co-Founder at Securitize, Jing Chen, Chief Scientist of Algorand Inc., as well as Deng Chao, Managing Director at HashKey Capital, among others.
“We are looking for the best teams and best startups developing the next generation of financial services and products on top of the Algorand network. Asia is one of the major regions where the Finance 3.0 market has been exponentially growing. In collaboration with the Algorand Foundation, LongHash Ventures, and a group of leading Asian blockchain investors, corporate partners and industry practitioners, we are committed to working together in bootstrapping the adoption of this new open finance and digital assets ecosystem, and bring it to the next level,” David Garcia, Managing Partner of Borderless Capital commented.
Applications are now open till 16th August, 2020 GMT+8.
Earlier this year, SFB Technologies announced that the blockchain for the world’s first national digital currency, the Marshallese sovereign (SOV), will be built using Algorand technology. The SOV will circulate alongside the US dollar and help the Marshall Islands efficiently operate in the global economy.