The Algorand Foundation announced via X on Tuesday that Algorand Ventures has invested in Folks Finance. Folks Finance is the leading Algorand DeFi protocol, recording an all-time-high TVL of $170M at the end of 2023.
According to the Algorand Foundation, the investment provides continued support for Folks Finance to expand its product suite using Chainlink, Wormhole and Circle technology, with the goal of expanding the reach of the Algorand ecosystem through cross-chain bridging and assets.
Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection and speed within a truly decentralized network." ALGO is trading at $0.1626 at press time, up by 2% in the last 24 hours.