Algorand Foundation, Singapore-based company committed to the development of open-source, permissionless, and PoS Blockchain Protocol Algorand has launched Algorand Asia Accelerator program in collaboration with Borderless Capital and powered by LongHash Ventures, Web 3.0 blockchain accelerator and investor company.
Algorand Foundation made the announcement in press release published on Monday, June 8th. Algorand Asia Accelerator is a blockchain accelerator program that will empower startups to grow and encourage financial innovation in Algorand ecosystem.
According to the press release, this is 12-week accelerator program where accepted startups will receive USD$15,000 in seed funding and with these projects also eligible for up to USD$250,000 in follow-on investment.
The project aims to spur blockchain development in particular synergy with Finance 3.0, also called open finance, and beyond. The program will startups the opportunity to enter and expand in Asia. The program provides 360 degree support “across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technological mentorship, token economics, marketing, and fundraising.”
Startups will have access to the expertise of mentors from founders and CEOs of category-leading blockchain companies, technical experts, academics, influential investors, and institutional partners. The mentors for Algorand Asia Accelerator program include Paolo Ardoino, CTO of Tether, Jing Chen, Chief Scientist of Algorand Inc., Alex Wearn, CEO of IDEX, and many other veterans.
They will also receive guidance by Algorand’s technology team, including consultations with the chief scientist, engineering, and product experts.
Fangfang Chen, chief operating officer at Algorand Foundation, on the launch of Algorand Asia Accelerator program, commented:
“Innovation is a collaborative journey. Along with our latest grant program, which aims to distribute more than USD $60M to build a vibrant ecosystem, Algorand is consistently supporting some of the most promising minds in the industry. Algorand Asia Accelerator is the natural culmination of our efforts, in particular, refining our focus on Finance 3.0 to realize the promise of a truly borderless economy.”
Borderless Capital is an Algorand-focused blockchain venture fund that invests capital and provides guidance and mentorship to grow its portfolio companies into successful businesses.
LongHash Ventures is a global blockchain accelerator and investor building the native Web 3.0 blockchain economy. The company’s network spans across key technical hubs such as Singapore, Shanghai, and Hong Kong.
Emma Cui, Co-Founder and CEO of LongHash Ventures, said:
“In this tumultuous period, accelerators are an especially crucial element of venture ecosystems and blockchain infrastructure. Algorand Asia Accelerator has the rare ability to tap into both the leapfrog potential of blockchain and the consistent, resilient growth in Asia. LongHash Ventures, with our strong Asia presence and established venture building capabilities, offers strategic access into a vibrant, animated startup ecosystem.”
As reported, In April 2020, Algorand Foundation also launched a 250 million ALGO Grants Program to fuel the growth of a vibrant Algorand ecosystem.
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