Blend (BLND) is the first of several new DeFi products to be launched on Algorand
SINGAPORE, Aug. 6, 2020 /PRNewswire/ -- Today Borderless Capital announced that they have invested in and partnered with StakerDAO to accelerate access to decentralized financial products throughout the Algorand Ecosystem. StakerDAO's first financial product, Blend (BLND), will launch on Algorand, with plans for additional DeFi products in coming months.
BLND, which is available today via CoinList as a synthetic ERC20 token and shortly as an Algorand ASA token, tracks a governed basket of Proof-of-Stake (PoS) tokens and offers the easiest way to go long on the best PoS networks. With a single BLND ASA (Algorand Standard Asset) token, qualified individuals can now instantly participate in Algorand, Tezos, and Cosmos. BLND provides both price exposure to these blockchain projects, as well as exposure to the staking rewards these networks generate. More information is available at www.blendtoken.com for qualified participants.
"With its fully collateralized basket that includes the ALGO, we are excited to welcome users of Blend as they support the growth and utility of the token and blockchain platform," said Sean Lee, CEO of the Algorand Foundation. "BLND is part of accelerated momentum for DeFi on Algorand with its unique primitive that provides a liquid instrument for DeFi. We are also excited to announce that StakerDao is the first project to be accepted into the Algorand Asia Accelerator, a Finance 3.0 focused blockchain launchpad helping projects to establish and deepening their strategic presence in Asia."
"We welcome StakerDAO to the Borderless Capital portfolio. We are very excited to collaborate together developing new innovative financial products leveraging the superiority of Algorand's technology and platform," said Arul Murugan, Founding Managing Partner of Borderless Capital.
Borderless Capital and StakerDAO will partner to launch a growing number of products for the DeFi and Algorand ecosystems, creating gateways to both stake and secure the Algorand network while participating in DeFi. The goal is to enable the release of liquidity locked in staking, while maintaining the number of tokens securely validating the network.
These financial products will be launched and managed under the direction of STKR token holders and secured by the Staker Agora governance process. The STKR token governs all decisions related to financial assets by StakerDAO. Governance is transparent and open to the public on the governance site – https://governance.stakerdao.com/stage.
With Borderless Capital's investment StakerDAO has closed its $3M Series A round, co-led by Polychain and Lemniscap. Based on the current value of $13.30 per token, STKR has a market capitalization of $20M.
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy. We do not stop with just investment. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies and also provide guidance and mentorship to grow them into successful businesses.
For More info: https://www.borderlesscapital.io
About Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.
For more information, visit https://algorand.foundation
StakerDAO** is a platform for governing financial assets in a decentralized, secure, and compliant manner. The StakerDAO community builds and manages products for on-chain governance, cross-chain synthetics, and tokenized real-world assets.
STKR holders have the primary responsibilities of discussing proposal ideas and electing members of the Staker Council.
The StakerDAO Council governs decisions about the various assets that StakerDAO manages using the Staker Agora governance process.
The StakerDAO Ops Team solicits and develops proposals for the Staker Council to vote on and implements proposals approved by the StakerDAO Council.
STKR, the governance token for StakerDAO, is built on the FA 1.2 token standard on Tezos. STKR tokens are decentralized, secure, and compliant with required entities.
StakerDAO was founded in 2019 with financial backing from Polychain Capital.
For more information, visit: www.stakerdao.com
*This notice does not constitute an offer of any securities for sale. BLND is not offered and may not be sold to or for the benefit of any "U.S. person" as that term is defined under U.S. securities law. If you are a U.S. person you may not purchase BLND.
**StakerDAO is a tradename of Staker Services Ltd., a Cayman exempt corporation. References herein to StakerDAO are to Staker Services Ltd.
SOURCE Algorand Foundation