Algorand price strengthens as institutional investors back the project

Algorand, a pure proof-of-stake (POS) blockchain network, has secured new partnerships and real-world use case applications as receiving support from multi-million-dollar funds in recent weeks.

Algorand price strengthens as institutional investors back the project

Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding with the aim to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Algorand Foundation shows a growing list of cryptocurrency projects across a variety of sectors that have joined in order to take advantage of the low fee, PoS environment.

Additionally, the NFT sector is also showing keen interest in the network following a partnership with Curate to allow minting of NFTs, and the release of a bridge by Curvegrid to allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other partnerships with the Algorand includes the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of the media company.

These new partnerships come after a busy year for the network which also included the integration of the two largest stablecoins in the cryptocurrency ecosystem, USD Coin (USDC) and Tether (USDT).