Algorand Launches Europe Accelerator Program to Boost Startups with up to $500k in Grant

UTC by Steve Muchoki · 2 min read
Algorand Launches Europe Accelerator Program to Boost Startups with up to $500k in Grant
Silvio Micali, Algorand founder. Photo: Wikimedia Commons

Applications for the Algorand Europe Accelerator are currently open until December 18, 2020.

Algorand Foundation has launched a new program across Europe dubbed ‘Algorand Europe Accelerator’ to assist blockchain startups with financial grants. According to Algorand, blockchain inclined startups can apply for the grant whereby successful applicants will receive an upfront of $15,000. In addition, the firm has promised a follow-up funding of up to $500,000.

Algorand Europe Accelerator Program

The capital has been sourced through Borderless Capital and Eterna Capital. Notably, the startups will be required to build applications on the Algorand platform, hence ensure the future growth of the Algorand network. The firm indicated that it has not set a maximum or minimum number of projects to be supported.

“The most successful projects are eligible for $500,000 in follow-on investment […] We are not setting a predetermined number of startups that will receive this additional funding,” Algorand spokesperson said.

According to the press release, the company will mostly focus on projects that deal with strategy formulation, market execution, and subject matter guidance across tech mentorship, token economics, marketing, and fundraising. The Algorand Europe accelerator program is meant to take place in the next 12 weeks and has already onboarded several projects.

Some of the projects in the program include Props co-founder Adi Sideman, Securitize CEO Carlos Domingo, and Youbi Capital CEO Chen Li.

According to Massimo Morini, chief economist at the Algorand Foundation, the Europe funding program is an essential development part of the Algorand Foundation, hence taken with utmost priority. Applications for the Algorand Europe Accelerator are currently open until December 18, 2020.

Algo and Grant Fundings

The Algorand blockchain network has its own official native cryptocurrency, called the Algo, to drive the borderless economy and the system of incentives.

Algo was trading at $0.314174, having dropped 8.15% in the past 24 hours. Notably, Algo had a market capitalization of approximately $332,556,363 and a daily trading volume of around $167,259,501. At the time of writing, there were approximately 1,058,509,900 ALGO in circulating supply out of 10,000,000,000 ALGO. The coin was ranked position 46 out of the many global crypto projects in terms of market capitalization.

Previously, Algorand launched the 250 million ALGO Grants Program that offers different types findings. To empower innovations on the Algorand platform, the grant program has four categories including the research proposals, development tools and infrastructure, applications and use cases, and education & community.

With the Asia accelerator program previously launched, it is reported that it received over 150 applications during the application period.

Altcoin News, Blockchain News, Business News, Cryptocurrency news, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

Related Articles
By February 12th, 2021
Altcoin NewsBlockchain NewsCryptocurrency newsNews Top Exchanges Scramble to List Algorand Assets, OKEx and KuCoin the Latest Entrants
By February 12th, 2021

Leading cryptocurrency exchanges are rushing to add support for assets based on the Algorand blockchain. The recent additions will allow users to deposit and withdraw assets such as Tether (USDT) and USDC using the Algorand protocol. Users will also be able to trade those assets for other cryptocurrencies in a seamless manner.