Algorand's Cryptocurrency Strengthens After Getting Funds From Arrington Capital

Algorand cryptocurrency predicted to have skyrocketing potential (Capital)

JAKARTA – The cryptocurrency Algorand (ALGO) has strengthened after receiving funds to develop a number of its projects. This is a moment to strengthen ALGO's own fundamentals.

According to Bitcoin News, Algorand, a pure Proof of Stake (PoS) blockchain network has secured new partnerships and decentralized applications for real-world use. They have also had the backing of a number of billionaires in recent weeks.

For information, Algorand is an open-source blockchain created by cryptography pioneer and Turing Award winner, MIT professor Silvio Micali. ALGO was launched in June 2019.

Algorand has announced that Arrington Capital has pledged $100 million in funding aimed at helping accelerate additional development across all aspects of the smart-contract platform.

Previously, on June 2, a venture capital firm, Borderless Capital, invested USD 25 million to support the Miami-based blockchain startup to develop digital payment solutions within the Algorand ecosystem.

Algorand has announced the addition of a growing number of cryptocurrency projects across various sectors and has become part of the Algorand community in order to reduce PoS costs.

Algorand will also enter the non-fungible token (NFT) sector. This was proven after ALGO collaborated with Curate to provide a platform for making NFTs.

Not only that, but Algorand has also collaborated with MAPay, a Bermuda-based healthcare payment solution. MAPay will use the Algorand blockchain to optimize efficiency and reduce healthcare costs.

In addition, ALGO has also partnered with Xfinite and Eros Now to create a blockchain-based content platform aimed at 224 million Eris Now users.

These partnerships show that Algorand is well positioned and has the potential to grow in the future. When this news was written at 11:00 a.m. local time, the price of ALGO was at the level of IDR 15.235 according to a report from Coingecko.

Algorand ranks 35th by market capitalization. On June 20, 2019, Algorand touched its all-time high at the level of IDR 50.402.