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Algorand (ALGO) and web3 investment firm DWF Labs have teamed up in a $50 million deal, per Chainwire.
The partnership aims to help support and grow the blockchain through liquidity provision and project development funding, particularly those related to DeFi, art and music, gaming, oracles and bridges, and infrastructure.
DWF Labs invited parties interested in building on the Algorand ecosystem to submit their proposals.
Managing partner at DWF Labs, Andrei Grachev, expressed his excitement over the partnership and its potential to bring groundbreaking advancements in the blockchain space – emphasizing that his firm is dedicated to advancing the Algorand ecosystem. He further added:
“We selected Algorand because of its unparalleled level of technology and security among permissionless DLTs, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure provides the speed and instant finality required for creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible manner.”
Algorand rolled out a protocol update on June 23, bringing faster block times and improved developer features, including better data access solutions and group resource sharing. Paul Riegle, the chief product officer at Algorand, said the firm is focused on helping developers build higher-quality dApps.
ALGO has fallen 2% over the last 24 hours amid broader market uncertainty. However, the seven-day performance saw 16.3% gains – recording a three-week high on June 25.