Accepted blockchain startups will receive USD$15,000 in seed funding, with up to USD$250,000 in follow-on investment
SINGAPORE, June 8, 2020 /PRNewswire/ -- Algorand Foundation, the steward of the world's first open-source, permissionless, pure proof-of-stake blockchain protocol, has launched Algorand Asia Accelerator together with Borderless Capital, the Algorand-focused blockchain venture fund. Powered by LongHash Ventures, the native Web 3.0 blockchain accelerator and investor, Algorand Asia Accelerator aims to encourage and spur blockchain development in particular synergy with Finance 3.0 and beyond, empowering projects to build, grow and foster financial innovations in the Algorand ecosystem. The programme offers USD$15,000 upfront seed funding for each selected project, with these projects also eligible for up to USD$250,000 in follow-on investment.
Commenting on the launch of Algorand Asia Accelerator, Fangfang Chen, Chief Operating Officer at Algorand Foundation, said, "Innovation is a collaborative journey. Along with our latest grant program, which aims to distribute more than USD $60M to build a vibrant ecosystem, Algorand is consistently supporting some of the most promising minds in the industry. Algorand Asia Accelerator is the natural culmination of our efforts, in particular, refining our focus on Finance 3.0 to realize the promise of a truly borderless economy."
"We are looking for the best teams and best startups developing the next generation of financial services and products on top of the Algorand network. Asia is one of the major regions where the Finance 3.0 market has been exponentially growing. In collaboration with the Algorand Foundation, LongHash Ventures, and a group of leading Asian blockchain investors, corporate partners and industry practitioners, we are committed to working together in bootstrapping the adoption of this new open finance and digital assets ecosystem, and bring it to the next level," David Garcia, Managing Partner of Borderless Capital commented.
For the duration of the 12-week accelerator programme, Algorand Asia Accelerator provides selected projects with end-to-end support across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technological mentorship, token economics, marketing, and fundraising. Algorand Asia Accelerator has onboarded mentors distinguished in various fields and disciplines, including Paolo Ardoino, Chief Technology Officer at Tether, Carlos Domingo, Chief Executive Officer and Co-Founder at Securitize, Jing Chen, Chief Scientist of Algorand Inc., as well as Deng Chao, Managing Director at HashKey Capital, among others.
"In this tumultuous period, accelerators are an especially crucial element of venture ecosystems and blockchain infrastructure. Algorand Asia Accelerator has the rare ability to tap into both the leapfrog potential of blockchain and the consistent, resilient growth in Asia. LongHash Ventures, with our strong Asia presence and established venture building capabilities, offers strategic access into a vibrant, animated startup ecosystem," Emma Cui, Co-Founder and Chief Executive Officer at LongHash Ventures, added.
Applications are now open till 16th August, 2020 GMT+8. Interested projects can apply here.
Fangfang Chen, Chief Operating Officer at Algorand Foundation, as well as Emma Cui, Co-Founder and Chief Executive Officer at LongHash Ventures, are available for interview.
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. It removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security. With blocks finalized in seconds, Algorand is the first blockchain to provide immediate transaction finality. No forking. No uncertainty.
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation envisions a wide breadth of applications being built on the Algorand protocol by a new, broader community of blockchain and mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner.
For more information, visit https://algorand.foundation/
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption and creates value globally through the Algorand Borderless Economy. We do not stop with just investment. We also provide guidance and mentorship to grow our portfolio companies into successful businesses. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build the network effect. In short, we leverage the synergy of our portfolio, partners network, and domain expertise to create value for everyone.
For more information, visit www.borderlesscapital.io
About LongHash Ventures
LongHash Ventures is a global blockchain accelerator and investor building the native Web 3.0 blockchain economy. With a global network established across key technological hubs including Singapore, Shanghai, and Hong Kong, the company is committed to catalyzing growth for the next generation of blockchain startups. In parallel, LongHash Ventures offers end-to-end support across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technology, marketing, and fundraising. LongHash Ventures is supported by Fenbushi Capital, Hashkey Capital under Wanxiang Group, and Enterprise Singapore, a statutory board under the Ministry of Trade and Industry.
For more information, visit https://www.longhashventures.com/
SOURCE Algorand Foundation