New fund aims to put hundreds of millions toward Algorand DeFi growth

New fund aims to put hundreds of millions toward Algorand DeFi growth


Decentralized finance, or DeFi, has developed significantly over the past two years. The Algorand Foundation has unveiled a new fund positioned to allocate money toward certain DeFi projects looking to build on its native blockchain. 

The pool of capital is called the Viridis DeFi fund, headed up by the Algorand Foundation — a group that responsible for the Algorand blockchain and its ecosystem development. “This fund will provide 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand,” said a Friday announcement post on the Algorand Foundation’s website.

“The fund will fuel the growth of decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms, all running on the best blockchain network for the future of finance,” a public statement from Algorand said on Friday.

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At time of publication, Algorand’s native coin (ALGO) trades at $1.96, based on CoinMarketCap data. This currently puts the value of the fund at $294 million, given the

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