This is some good news especially for those companies that are looking for funds to finance their start-ups. Here, we are talking about the Algorand Foundation which has newly launched a Europe-focused program that is aimed to fund as well as provide developmental support to start-ups. But this comes at a condition, the startups in question should work atop its Proof-of-stake blockchain.
This means that the projects with novel ideas can be funded as well as receive support in terms of development from Algorand which will help it emerge stronger especially from the robust team of Algorand. The projects can turn big in the future and ultimately benefit Algorand especially in terms of the trust for backing good projects.
The Algorand Europe accelerator will support the early-stage startups. It will help it conduct seed funding rounds which will help them raise funds for the development of the project. Not just that, with the announcement, also comes the bright prospects of spreading the word about blockchain. With funding within the reach, it will help motivate several players who have been thinking of entering the market but have not been able to due to the barriers. Blockchain development in the region will surely surge considering this new offer from Alogrand. The 12-week program is funded by Eterna Capital and Borderless Capital.
As per the details received from the Press Release, an initial upfront seed amount of $15,000 will be provided by Borderless Capital. The mentioned amount will be provided to startups that will be entering the program. Apart from this initial investment seed amount, an additional $500,000 investment can also be provided to eligible projects from Borderless Capital and Eterna. Massimo Morini, chief economist at the Algorand Foundation said,
Following the success of our Asia Accelerator Program, I’m excited about the launch of the Algorand Europe Accelerator. Europe is crucial for Algorand’s growth, and London is an important startup hub and a crucial financial center. We’ve seen a very strong growth momentum of the Algorand ecosystem. With a focus on open finance, we’ve integrated USDT and USDC on our platform, collaborated with the International Swaps and Derivatives Association, and engaged in efforts to support CBDC, one example of which is the ongoing implementation of the Marshall Islands digital currency on Algorand.”
Funding will form an important part of all this but at the same time, the program will also offer developers and entrepreneurs a vast array of pools and resources for building their decentralized applications. Not just that, the support will be holistically provided and will be extended in terms of go-to-market execution, marketing, fundraising, token economics, and general guidance in terms of leading the project in the right direction.
The announcement of this new launch was made on Twitter.
The accelerator is built on top of the success of Eterna Borderless Venture Studio, an initiative launched in April 2020 with the participation of 7 projects who looked to integrate their product offering with the Algorand blockchain.
The new accelerator program has been built on top of the success of Eterna Borderless Venture studio which was an initiative launched in April this year. Application for this has opened and will remain so till December 18th, 2020.