Algorand (ALGO) announced that it has launched a $300 million fund to support DeFi innovation. Algorand’s Viridis DeFi Program will accelerate the growth of decentralized exchanges, money markets and more.
The Algorand protocol is an enterprise dedicated to fulfilling the promises of blockchain technology by leveraging open source software. Algorand announced that it has launched a fund worth approximately US$300 million to support DeFi innovation in its network. The fund will accelerate the growth of decentralized crypto asset trading platforms, money and options markets, synthetic asset applications, NFT platforms operating on the best blockchain network for the future of the financial ecosystem.
Algorand Foundation CEO Sean Lee expressed his excitement to launch the funding program, expressing that this will be a scalable and low-cost DeFi ecosystem. Talking about the importance of building the right infrastructure, application ecosystem and liquidity, he said that DeFi in Algorand will be considered the most energy efficient program in the world.
It is thought that Algorand can make an immediate impact on the innovative and developer DeFi ecosystem by supporting DeFi education, DApps and liquidity with this private fund.
Founded in 2017, Algorand was built from the ground up with DeFi to manage the transaction volume required for financial institutions and governments to make a smooth transition to the future of finance, FutureFi. Algorand, the blockchain technology preferred by nearly 1,000 global organizations, enables simple creation of financial products and protocols with seamless exchange of value.
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