Algorand launches grants program in order to create a “borderless economy”
The cryptocurrency-centric company is determined to create a global currency
A new cryptocurrency foundation is seeking to make its way into the crypto world by launching a grant program to foster projects that develop its digital currency. The Algorand Foundation has announced that 250 million ALGO – which is nearly $43 million – will be destined to fund this new program on the Algorand blockchain. Fangfang Chen, who is the Algorand Foundation’s head of operations, spoke to Cointelegraph about this new program, which has the intention of creating a “borderless economy.”
These funds will be assigned to “qualified investors across four major categories: innovative research, development tools for the Algorand blockchain, use cases for decentralized applications (Dapps) […], and education and community initiatives,” said Chen. He spoke more details about Algorand Foundation’s vision for a global economy, explaining, “In this vision, we see a global economy that is able to function in a frictionless way, enabling everybody to participate in the global economy, no matter where they are based. The goal of the 250M ALGO Grants Program is to encourage innovation and learning that achieves this vision of a borderless economy.”
Chen also shared a few ideas of projects that he believes will follow the foundation’s idea to bring this borderless economy, such as social media integration, digital identity, supply chain management or asset tokenization. “In addition, we will also look to support innovation around infrastructure and middleware that further enables and simplifies the creation of end-user applications,” Chen added.
By the time he spoke about this program, there were already three grant recipients approved, including Bloq, PureStake AlgoSigner and Reach. Two of those recipients were already engaged in the foundation in a previously launched Development Award program. Derek Yoo, PureStake Algosigner’s CEO, referred to the news, stating, “We are pleased to have been selected by the Algorand Foundation for a grant that lets us break down barriers between token holders, application developers, and the blockchain network itself.”