The $25 million fund will be used to support Miami-based blockchain startups developing digital payment solutions on the Algorand network.
Borderless Capital’s support for Algorand-based development has taken another incremental turn with the venture capital firm launching a new $25 million fund in Miami.
In an announcement on Wednesday, the investment firm stated that the $25 million fund will focus on supporting blockchain startups in the city of Miami.
Dubbed the Borderless.Miami Fund, the VC firm is joined by stablecoin issuer Circle to foster the growth of digital payment and digital capital market development in Miami.
Apart from direct investments in blockchain startups, Borderless Capital is also seeking to launch the Algorand Miami Accelerator. Algorand accelerator programs in Europe and Asia have worked to spur and encourage blockchain developments in their respective jurisdictions.
With Circle in the mix, the planned $25 million fund will reportedly use the USD Coin (USDC) stablecoin as well as other facets of Circle’s business to promote digital payment technology breakthroughs built on the Algorand blockchain.
According to Wednesday’s announcement, the blockchain investment fund has already secured support from the city council. Commenting on the development, Miami Mayor Francis Suarez described the fund as an embodiment of the public-private partnership that is pushing the envelope of blockchain innovation in Miami, adding:
“With the support of Algorand, Circle, and other top local partners, we’re building an ecosystem in line with our vision for Miami. I am so excited to work with Borderless.Miami to make Miami the epicenter for digital capital markets in our pursuit of becoming the ‘Capital of Capital.’”
Indeed, Miami has positioned itself as a forward-thinking city in terms of crypto and blockchain adoption in recent months. The city is set to play host the Bitcoin 2021 conference on June 3, with over 50,000 attendees expected to grace the three-day event.
According to David Garcia, CEO of Borderless Capital, Miami is the place to be in terms of blockchain development. As part of the announcement, Garcia revealed that the VC firm was relocating its headquarters to the city.
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