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Arrington XRP Capital teams up with Algorand Network; Algo VC Fund ropes in $200 million

Bitcoin

Algorand is ranked at #42 on coinmarketcap. Like the majority of the market, the virtual currency is being influenced by sellers at present. The price diminished at a rate of 1.38% in the course of the past 24-hours. The trading volume recorded is $59.097 million, while the supply has 267,489,489 ALGO coins in play. As of this moment, ALGO is priced at $0.514611. The total market cap of Algorand is $137.653 million.

Arrington XRP Capital, NGC Ventures, as well as 11-11 Ventures,  have decided to back the Algorand Blockchain. Over $200 million has been raised as a result of the newly established initiative dubbed Algo VC Fund. Algo Capital is in-charge of investments for the Algorand chain.

As a direct result to the funding, adoption alongside user-friendliness [and structure of the protocols involved] will improve. Arul Murugan of Algo Capital stated that their primary focus is a huge influx of new customers who would prefer using ALGO so as to make payments.

A few weeks ago, Binance DEX had also listed Algorand on their platform. More than $60 million [following a token sale] was raised by the Foundation behind ALGO so as to power the network. The chain had launched around 2 months ago. So Algorand may lose quite a bit of its value in the future, as EOS and ZCash which were both great investments a year ago have declined heavily.

A week ago, Binance had declared support for the 200 Million ALGO staking rewards program. This will kick-off right on September 1st, and users need to have a minimum of 2 ALGO in order to qualify for this contest and subsequent rewards. As the next two years role by, the rewards will be calculated and distribution would be gradual. You can check out this article for more information.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.