Algorand launches venture studio to support ecosystem projects

Blockchain startup Algorand launched the Eterna Borderless Venture Studio venture program to finance projects oncreating applications on its blockchain.

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According to a press release, Algorand implements the initiative in conjunction with venture capital firms Eterna Capital and Borderless Capital.

The studio will provide developers with &#171;a lottools and resources&#187; to create decentralized applications on the Algorand platform. The initiative will also support existing projects wishing to migrate into the ecosystem, the statement emphasizes.

Initially selected program participantswill receive financing in the amount of up to $ 100 thousand from venture companies. It is planned that Borderless Capital will further increase investment in successful projects to $ 2 million.

Algorand said the studio is formingan ecosystem of program partners, which have already included a number of the world's leading universities, including Oxford, Cambridge, and Imperial College London. In addition, seven blockchain projects were promised to join the studio, including Stasis, Monerium, the Orion DeFi platform and others.

On the eve of the non-profit organization Algorand allocated 250 million ALGO tokens (about $ 45 million) for a multi-year grant program for developers of blockchain applications, tools and infrastructure.