A new venture studio is aiming to foster the development of the Algorand ecosystem

A new venture studio is aiming to foster the development of the Algorand ecosystem

Eterna and Borderless Capital are joining forces to launch a new initiative that is intended to support developers and entrepreneurs who want to build their decentralized applications on top of the Algorand protocol. Dubbed Eterna Borderless Venture Studio, it is set to provide a range of tools and resources to those interested in creating or transitioning their projects to the open-source public blockchain.

Silvio Micali, founder of Algorand, stated:

“An important component of the Algorand community today is broad support for the accelerating momentum of DeFi organizations, enterprises, and governments using this next generation technology. I am excited to see two thought-leading organizations come together and create a rigorous program that will support innovation and frictionless exchange on Algorand.”

Eterna Borderless Venture Studio partnered with different excelling student groups from some of the top-notch universities around the world including the University of Oxford, University of Cambridge, and Imperial College of London, to help developers and entrepreneurs succeed. Additionally, MarketAcross as well as F6S will be helping with public relations and marketing campaigns for those who pledge to join, according to Andrea Bonaceto, Partner at Eterna Capital.

Bonaceto affirmed:

“We are looking forward to supporting talented teams with innovative ideas. We are creating an ecosystem of industry partners to help our portfolio companies to achieve success while accelerating the adoption of blockchain technology.”

The new venture studio is currently accepting applications from eligible startups that will be selected to receive up to $100,000 to push forward the development of their projects. Those firms that emerge as “category-leading business” will be able to receive a follow-on investment of up to $2 million.

Multiple blockchain companies have already joined Eterna Borderless Venture Studio, including SingularityNET who is looking to increase the speed of transactions between AI agents for a variety of applications in fintech, health tech, and IoT, according to its CEO, Ben Goertzel.

The acceleration program is currently seen as a new way to foster the development of the Algorand borderless economy.

Posted In: Investments

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