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Algorand Ventures Invests in Folks Finance

Twitter icon  •  Published hace 2 meses  •  Hassan Maishera

The Algorand Foundation announced via X on Tuesday that Algorand Ventures has invested in Folks Finance.

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.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.