The Algorand Foundation has launched a Europe-focused program aimed at funding and developing startups working atop its proof-of-stake blockchain.
The Algorand Europe Accelerator will support early-stage startups with seed funding and encourage blockchain development in the region, according to a press release Thursday.
The 12-week program is funded by Eterna Capital and Borderless Capital.
An initial $15,000 upfront seed amount from Borderless Capital will be provided to startups entering the program.
That may be followed by up to $500,000 in additional investment to eligible projects from both Borderless and Eterna.
"Europe is crucial for Algorand's growth," said Massimo Morini, chief economist at the Algorand Foundation. "London is an important startup hub."
As well as funding, the program will offer developers and entrepreneurs "an array of tools and resources" for building decentralized applications.
Startups will also be assisted with their go-to-market execution, marketing, fundraising, token economics and general guidance.
Applications are currently open until Dec. 18, 2020.
Algorand was founded by MIT professor and Turing Award winner Silvio Micali.