A grant program designed to accelerate development of the Algorand ecosystem has launched. Eterna Borderless Venture Studio is an Algorand acceleration initiative led by Eterna Capital, Borderless Capital, and Algorand.
A grant program designed to accelerate development of the Algorand ecosystem has launched. Eterna Borderless Venture Studio is an Algorand acceleration initiative led by Eterna Capital, Borderless Capital, and Algorand, with support from leading industry players including blockchain PR and marketing agency MarketAcross. Elite student groups from some of the world’s most famous universities are also involved in the program, which aims to attract participants from across a broad spectrum while showcasing the many possibilities afforded by Algorand’s proof-of-stake chain.
In addition to providing the funding to projects committed to building on Algorand, the venture studio will mentor and support the teams selected. Hands-on support on a rolling three-month basis has been promised, with eligible projects receiving up to $100k in funding. Projects that show promise may also be given the opportunity to conduct larger raises further down the line with the support of Borderless Capital and Eterna Capital.
Venture Firms Stump Up
Eterna Capital and Borderless Capital, the leading entities funding Eterna Borderless Venture Studio, have close ties to Algorand, and are deeply committed to seeing the blockchain network succeed. Borderless Capital’s focus lies on investing in financial products that will bootstrap Algorand adoption, while London-based investment firm Eterna Capital specializes in blockchain investments.
Commenting on the initiative, Algorand founder Silvio Micali said: “An important component of the Algorand community today is broad support for the accelerating momentum of DeFi organizations, enterprises, and governments using this next generation technology.” He added: “I am excited to see two thought-leading organizations come together and create a rigorous program that will support innovation and frictionless exchange on Algorand."
Leaving Other Networks In The Shade
The commencement of Eterna Borderless Venture Studio marks the clearest sign to date that Algorand is preparing to leave other blockchain networks behind and forge its own path. The other smart contract network with a significant grant program at its disposal, EOS, has failed to attract meaningful development. As a result, its network has stagnated, and prompted some of the more enterprising projects to migrate to other chains.
Algorand’s architects are eager to prevent that from happening, and to prove that its proof-of-stake protocol can operate at scale, making it as suited to hosting consumer dApps as it is to onboarding major enterprises. Having secured the support of a cross-industry swathe of players, including representatives from the University of Oxford, University of Cambridge, and Imperial College of London, as well as F6S, one of the largest startup ecosystems in Europe, Eterna Borderless Venture Studio has all the pieces in place to fuel development of Algorand.
In related news, the Algorand Foundation has just committed 250 million ALGO tokens, worth around $50M, to encourage third party developers to build on Algorand. Decentralized applications (dApps), education programs, and community initiatives are among the projects invited to apply for grants. Coinciding with the launch of Eterna Borderless Venture Studio, the news gives hope to early Algorand backers that the network is finally starting to make good on its promises, and to show that it can form a vibrant ecosystem for hosting everything from enterprise applications to consumer wallets and exchanges.