Institutional investors have now provided backing to Algorand (ALGO). This is in conjunction with various new partnerships, which may very well help the project grow consistently for the foreseeable future. This could even assist ALGO in breaking out from the current range it is in within the next week.
Periods of consolidation usually follow big rallies; however, there also exists the opportunity to potentially observe the field as well as subsequently evaluate various projects which may possess strong fundamentals.
One such project is indeed Alogrand. Algorand is a POS (proof-of-stake) blockchain network that has recently gained a lot of traction as far as network adoption and price recovery are concerned. The project has since managed to procure new partnerships as well as various use case applications in the real world. Lastly, it had also gained support via funds amounting to multi-million dollars in the past couple of weeks.
Huge investment of funds
Raising funds is certainly a difficult task no matter how we look at it and is often a huge challenge for many. To that end, Algorand had made it known in May that Arrington Capital had managed to pledge a total of $100 million in overall funding for the purposes of assisting in the acceleration of development over all of the various facets pertaining to the platform specializing in smart contracts.
This development had also come around the time of the Borderless Capital announcement, which itself had managed to generate a fund of $25 million. This fund was primarily focused on supporting blockchain start-ups based in Miami, which had been developing various digital payment solutions on Algorand.
After observing Alogrand’s Twitter activity, we had witnessed an ever-growing list of numerous crypto projects across several sectors, all of which have come together in collaboration with Algorand’s community. The whole point of doing so was to hopefully exploit the relatively low fee proof-of-stake environment.
As such, the likes of MAPay, Eros Now, and Xfinite had all partnered up with Algorand, which can only result in continued growth and profit. The new partnerships had also come around following a hectic year for Algorand that had even involved the successful integration of USDT (Tether) and USDC (USD Coin), which are the two biggest stablecoins within the entire crypto landscape.
Ultimately, all of these developments are beneficial for Algorand as blockchain integration becomes increasingly commonplace nowadays and also as the cryptocurrency market gradually recovers.