Hassan Maishera
The Algorand Foundation announced via Twitter on Monday that it has entered into a strategic partnership with DWF Labs, the global multi-stage Web3 investment firm. The partnership is designed to support the health and growth of the ecosystem built on the Algorand blockchain.
The first component of the partnership involves a $50 million ALGO token purchase agreement to, in part, provide liquidity into the Algorand ecosystem.
Furthermore, an MOU has been signed with the aim of allocating funds to support projects that are building on the Algorand blockchain in the spaces of DeFi, Art and Music, Gaming, Oracles and Bridges, and Infrastructure.
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 $0.1284 at press time, down by more than 3% in the last 24 hours.
