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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.
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.
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Read more: Algorand Gets Cozy With Crypto Custodian Copper
CORRECTION (SEPT.10, 12:03 UTC): Corrects spelling of Algorand in the headline.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
