Arrington Capital Announces a $100M Fund for Algorand-Based Initiatives

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Arrington Capital, a US-based digital asset management firm in blockchain-based capital markets, has launched a $100 million Arrington Algo Growth Fund (AAGF) to support initiatives building on Algorand blockchain.

Arrington Capital announced the launch of the fund in a press release on Thursday, June 10th. The fund, named the Arrington Algo Growth Fund (AAGF), aims to encourage and spur additional development on Algorand, which has seen significant growth and adoption recently across DeFi decentralized finance (DeFi), traditional finance, the public sector, NFT space, and more.

This is not a completely new relationship between Alogrand and Arrington Capital. According to a separate blog post by Michael Arrington, Partner at Arrington Capital, the firm also invested in Algorand’s private funding rounds years ago and has accumulated additional ALGO since. In 2019, Arrington Capital published a research report on the Algorand product and ecosystem, titled The Monetary Experiment: Algorand.

Algorand Logo

The firm has now moved a step further and launch its Arrington Algo Growth Fund (AAGF), a dedicated $100 million fund to invest in the Algorand ecosystem and other promising crypto products. The fund will begin deploying its capital soon. The fund will invest liquid and illiquid coins to empower projects that are creating new financial applications in the Algorand ecosystem.

With AAGF, the digital asset management firm is now managing two funds. The other is Arrington XRP Capital that was launched in 2017 to empower emerging projects in the Ripple ecosystem. The fund still exists and has worked with dozens of companies and protocols.

Algorand is seeing growing adoption of its blockchain technology. Most recently, as reported, Exodus Movement, the company behind the multi-asset software Exodus wallet, has announced that it would issue its digital Common Stock Tokens, EXIT, on the Algorand blockchain. Brazilian Digital Token (BRZ), a stablecoin pegged to Brazilian Real, is now also available on the Algorand blockchain.

Inspired by the Algorand growth, Michael Arrington commented:

“We are inspired by the traction that Algorand has in the market right now. With unmatched tech, robust developer resources, and a vision for long-term sustainability, Algorand is empowering its community to more easily create the future of finance. The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem.”

Sean Ford, COO of Algorand, stated:

“It has been our approach at Algorand since the beginning to partner with those who are contributing in a meaningful way to the Algorand ecosystem as they invest and deploy capital. The Arrington Algorand Growth Fund represents yet another key strategic pillar in supporting the momentum of those building on top of what we think is the best technical platform for regulated defi and the future of finance.”

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