Borderless Capital’s support for Algorand-based development took another incremental turn when the venture capital firm launched a new $ 25 million fund in Miami.
In an announcement on Wednesday, the investment firm announced that the $ 25 million fund will focus on helping blockchain startups in the city of Miami.
The VC company, known as the Borderless.Miami Fund, is backed by stablecoin issuer Circle to help drive digital payments growth and the development of Miami’s digital capital market.
In addition to direct investments in blockchain startups, Borderless Capital is also aiming to launch the Algorand Miami Accelerator. Algorand Accelerator programs in Europe and Asia have worked to stimulate and promote blockchain developments in their respective jurisdictions.
With Circle in the mix, the proposed $ 25 million fund will reportedly use the stablecoin USD Coin (USDC), as well as other facets of Circle’s business, to drive breakthroughs in digital payment technology based on the Algorand blockchain.
According to the announcement on Wednesday, the blockchain investment fund has already secured the support of the city council. Commenting on the development, Miami Mayor Francis Suarez described the fund as an embodiment of the public-private partnership that is driving blockchain innovation in Miami, adding:
“With the support of Algorand, Circle and other leading local partners, we are building an ecosystem in line with our vision for Miami. I’m very excited to be working with Borderless.Miami to make Miami the epicenter of digital capital markets, to become the ‘Capital of Capital’. “
In fact, Miami has positioned itself as a forward-thinking city in terms of adopting crypto and blockchain in recent months. The city will host the Bitcoin 2021 conference on June 3, which is expected to have over 50,000 attendees for the three-day event.
According to David Garcia, CEO of Borderless Capital, Miami is the place to be when it comes to blockchain development. As part of the announcement, Garcia announced that the VC company will be relocating its headquarters to the city.