Algorand Foundation launches Asia Accelerator Program

News / 19.10.2020

Algorand foundation has launched the Algorand Asia Accelerator program for blockchain startups. The program is for startups that want to develop finance 3.0 platforms and products.

The blockchain foundation revealed in a blog post that 10 startups would take part in the pilot phase. The 12-week accelerator program runs from October 19 until January 2021.

A unique initiative to support blockchain startups

The Asia Accelerator scheme is an initiative that offers blockchain startups $15,000 in seed funding. Algorand also supports selected startups with business strategies and technical supports. Top blockchain projects like Tether, Fenbushi Capital, and Securize are as mentors. The 10 startups eligible are as follows:

Obsidian Labs, Staker Dao, Mugglepay, DEXTF, Neutron Finance, xbullion, LawCoin, Eastern Blu Music Ecosystem, VeriTX, and Yieldy Finance complete the list.

Some of the startups on the list are popular within the Algorand ecosystem. Obsidian Labs is a blockchain firm that focuses on building developer tools. Also, Staker Dao has gained traction within the Algorand blockchain.

DeFi projects dominate the list, and this shows the growing potentials of the sector. The DeFi sector has gained a lot of attention following the success of several projects in 2020.

Algorand intends to fund startups to develop DeFi products on its blockchain network and develop its DeFi ecosystem.

Accelerator program part of plans for Finance 3.0

CEO of Algorand Foundation, Fangfang Chen, spoke on the potentials of the program.

‘’The vim and ambition of our projects encapsulate the maturing trajectory of the technology, and there is an urgency for the industry to recognize and meet these needs in tandem

He further stated that Algorand was well-positioned to offer technical and financial supports. ;

”Algorand is well-positioned to empower these startups as they take the next step to realize the promise of Finance 3.0, whether it be the strength of our technology, community, or network.”

The Asia accelerator program is the second phase of the Algorand accelerator program initiative. Algorand Foundation had earlier in October, launched an accelerator program in Europe.

Algorand blockchain is one of the top projects within the crypto space with its innovations. The accelerator program is a great one for the crypto ecosystem.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.