DWF Labs, the new generation market making and crypto venture capital firm, has announced a partnership with Algorand Foundation to support the health and growth of the ecosystem built on the Algorand blockchain.
We're excited about this partnership with @AlgoFoundation to support the health and growth of the ecosystem built on this ⚡blockchain! https://t.co/eNTF48cItu
— DWF Labs (@DWFLabs) June 26, 2023
The first component of the partnership involves a $50 million ALGO token purchase agreement to, in part, allow DWF Labs to serve as a crypto liquidity provider for the Algorand ecosystem.
An additional Memorandum of understanding (MOU) has been signed with the aim of allocating crypto venture capital to support projects that are building on the Algorand blockchain in the spaces of DeFi, Art and Music, Gaming, Oracles and Bridges, and Infrastructure.
Andrei Grachev, Managing Partner of DWF Labs, expressed his enthusiasm for this partnership, as it has high potential for more developments in the Algorand ecosystem:
‘We selected Algorand because of its unparalleled level of technology and security among permissionless blockchains, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure provides the speed and instant finality required for creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible manner. This partnership with the Algorand Foundation is another important step in the maturation and growth of innovation in this space.’
What Is Algorand?
The Algorand blockchain, with Algorand Foundation as its primary contributor, empowers a dynamic, inclusive, and borderless global ecosystem at scale. Designed by an Massachusetts Institute of Technology (MIT) professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughput at the speed of traditional finance, but with immediate finality and at near-zero transaction costs. Its carbon-neutral platform and unique Pure Proof-of-Stake consensus mechanism achieves both security and scalability on a decentralised protocol, and without a second of downtime since it went live in 2019.
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