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  • The Algorand Foundation has launched the Algorand Asia Accelerator program together with the Borderless Capital venture fund. 
  • The program aims to spur blockchain development and foster financial innovations in the Algorand ecosystem.
  • The first accelerator program is expected to start in October 2020 and finish in January 2021. 

The Algorand Foundation has joined forces with Borderless Capital, a blockchain venture fund to launch the Algorand Asia Accelerator program. The latter aims to accelerate blockchain development, help projects grow and foster financial innovations in the Algorand ecosystem. The Foundation describes the Algorand blockchain as the “world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products.” 

Commenting on the launch of Algorand Asia Accelerator, Fangfang Chen, Chief Operating Officer at Algorand Foundation, said: 

Innovation is a collaborative journey. Along with our latest grant program, which aims to distribute more than $60 million USD to build a vibrant ecosystem, Algorand is consistently supporting some of the most promising minds in the industry. Algorand Asia Accelerator is the natural culmination of our efforts, in particular, refining our focus on Finance 3.0 to realize the promise of a truly borderless economy.

Finance 3.0 is an ecosystem of financial products and services built using blockchain technology. It helps in eliminating friction in transactions, payments and global trade. David Garcia, the Managing Partner of Borderless Capital, said: 

We are looking for the best teams and best startups developing the next generation of financial services and products on top of the Algorand network. Asia is one of the major regions where the Finance 3.0 market has been exponentially growing. We are committed to working together in bootstrapping the adoption of this new open finance and digital assets ecosystem, and bring it to the next level.

Algorand Asia Accelerator offers up to $15,000 upfront seed funding for all the selected projects, and up to $250,000 available for follow-on investment. The program plans to take in firms in batches of ten. The first accelerator program is expected to start in October 2020 and finish in January 2021. 

During the 12-week program, each firm will go through three phases in total. The first one will be focused on developing a strategy and business model. The second phase includes the creation of a go-to-market strategy. The final phase will have fundraising, where the participant company is taken on an investor tour. 

The Accelerator program has onboarded distinguished mentors from various fields and disciplines. This includes Paolo Ardoino, Chief Technology Officer at Tether and Bitfinex, Carlos Domingo, Chief Executive Officer and co-founder at Securitize, Jing Chen, Chief Scientist of Algorand Inc., as well as Deng Chao, Managing Director at HashKey Capital among others.

Emma Cui, the co-founder and Chief Executive Officer at LongHash Ventures, said: 

In this tumultuous period, accelerators are an especially crucial element of venture ecosystems and blockchain infrastructure. LongHash Ventures, with our strong Asia presence and established venture building capabilities, offers strategic access into a vibrant, animated startup ecosystem.

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