The Algorand Foundation has earmarked up to $500,000 to fund developers and entrepreneurs that are looking to build applications and projects on its decentralized blockchain.
Applications are now open to European based startups and developers and will close midway through December 2020.
Seed capital and accelerator support
Projects that are selected by the Algorand Europe Accelerator will receive $15000 of seed capital upfront from Borderless Capital and successful projects that come through the program could potentially receive up to $500,000 in additional investment from Algorand’s two partnering firms.
Startups that make successful applications will enter a three month accelerator program which will cover the full spectrum of business support. This includes strategy formulation, got-to-market execution and guidance along the lines of technological implementation, token economics, marketing and further fundraising.
The launch of the Algorand Europe Accelerator is a by-product of an earlier initiative in April 2020 called Eterna Borderless Venture Studio. Seven projects were involved in developing applications that would be integrated into the Algorand blockchain.
Driving adoption of Algorand blockchain
The group believes that its accelerator program will drive long-term adoption and growth of the Algorand blockchain and ecosystem while helping various startups launch solutions for a variety of industries.
Massimo Morini, Chief Economist at The Algorand Foundation, believes that Europe is the next market that will benefit from an accelerator program focused on attracting projects to be developed on the Algorand blockchain.
“Following the success of our Asia Accelerator Program, I’m excited about the launch of the Algorand Europe Accelerator. Europe is crucial for Algorand’s growth, and London is an important startup hub and a crucial financial center.” Morini said in a release.
“We’ve seen very strong growth momentum of the Algorand ecosystem. With a focus on open finance, we’ve integrated USDT and USDC on our platform, collaborated with the International Swaps and Derivatives association, and engaged in efforts to support CBDC, one example of which is the ongoing implementation of the Marshall Islands digital currency on Algorand. By attracting partners such as Props with 6 million users to migrate and build on Algorand, we have witnessed mainnet transaction volume surpassing 2 millions in a rolling 24 hour period earlier, a powerful proof of the throughput and speed of the Algorand network and its readiness for mainstream adoptions.”