Algorand will award up to $500 to European startups and companies focused on developing blockchain technology.
The technology company based in blockchain, Algorand, announced a new grant program that seeks to fund European companies and businesses that work on their projects on the Algorand blockchain, a chain based purely on proof of stake (Proof of Stake – PoS), with up to $500.000 USD.
The new acceleration program, known as Algorand Europe Accelerator, seeks to ensure that newly born companies within the blockchain industry, or those that are in their initial stage, have the necessary resources and financing to guarantee their healthy development. Likewise, the Algorand acceleration program also focuses on promoting the use and implementation of its blockchain network, encouraging European companies and businesses to develop new applications on its platform. The initiative is presented by the Algorand Foundation together with the collaboration of the companies Eternal Capital y Borderless Capital, following the huge success of a similar grant program held in Asia last July. Those interested in participating in the Algorand Europe Accelerator have until December 18 to apply. register in the grant program.
Algorand is a technology company that builds its development on the world's first open, permissionless, pure proof-of-stake blockchain protocol. It is a decentralized platform that offers security and scalability to ensure the development of financial solutions without friction or borders.
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Europe, essential for the development of Algorand
Algorand Foundation Chief Economist Massimo Morini said that this new acceleration program will boost the development of Algorand's mission and goals, arguing that this continent is essential for the development of the decentralized platform. Morini says:
“Following the success of our Asia Accelerator program, I am excited to launch the Algorand Europe Accelerator. Europe is crucial to Algorand’s growth, and London is a major startup hub and a crucial financial center.”
With this new program, the Foundation expects to receive a larger number of applications and proposals than in Asia, which was around 150. Likewise, the Foundation hopes that the applications of companies and startups will be largely focused on the development of the financial industry through Finance 3.0, which will allow the sector to improve its essence through the development of new applications and real-world use cases for blockchain technology. The financial industry has been flourishing and evolving rapidly thanks to digitalization, decentralization, and global distribution, and Algorand seeks to maximize this development.
15 thousand dollars of seed funding
The Algorand Foundation will provide a total of $15.000 USD in seed funding, which can be expanded up to a maximum of $500.000 USD, depending on the proposals developed by the participating companies. The funds will be delivered through Borderless Capital, who will monitor the projects to assess their development and scope, and determine whether they are eligible for further financing.
The Algorand Europe Accelerator will last for 12 weeks, which the Foundation estimates as sufficient time for the development of innovative solutions. In addition to monetary resources, the Algorand Foundation grant program will also offer a set of tools and resources to companies and developers for the design and creation of decentralized applications. Therefore, participants will have great support from the promoters.
Support and commercial support
Participating companies that develop successful applications will also enjoy a support program that covers the entire commercial scope. The Algorand Foundation, Eterna Capital and Borderless Capital all commit to designing a marketing campaign to drive adoption and long-term growth of new applications developed on Algorand. Winning companies and startups will enjoy this program for 3 months, which includes strategy formulation, market execution and guidance along the lines of technological implementation, token economy, marketing and further fundraising.
The adoption of new applications will help the platform launch innovative solutions applicable to a variety of industries, fostering the growth and adoption of new technologies.
Integration of recognized members
To ensure the successful development of the Algorand Europe Accelerator program, the Algorand Foundation is integrating several globally recognized members of the crypto community such as Adi Sideman, co-founder of Props; Carlos Domingo, Founder and CEO of Securitize; Adrian Uberto, managing partner of Coinlist; Pasquale Tuosto, director of new business ventures at Generali; Tim Boeckmann, business developer at Amazon Web Services, and Chen Li, CEO of Youbi Capital.
On the other hand, Andrea Bonaceto, founding partner of Eterna Capital, assures that this new acceleration program in Europe will support entrepreneurs and technology enthusiasts to make the most of the Algorand blockchain to develop frictionless financial applications, which will make the financial world more inclusive and secure.
About Algorand
Technology company Algorand has participated as a main partner in a wide variety of large-scale projects, such as the Blockchain Service Network (BSN) from China and the development of the central bank's sovereign digital currency (CBDC) in the Marshall Islands, which is built on the Algorand blockchain. Algorand is on a mission to develop a frictionless, borderless economy built on its decentralized, public, and accessible blockchain network.
The company also has several blockchain-based products, such as its ALGO cryptocurrency, which at press time is valued at $0,32 USD per unit, with a market cap of $337.954.947 USD and daily trading volume of $155.110.575 USD.
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