Algorand Partners With DWF Labs In A $50 Million Deal• June 27, 2023 10:49 pm • Comments
Algorand is continuing to stay focused on delivering value while the crypto industry is being targeted by unfavorable regulations and restrictions.
Most recently, the firm announced that it has partnered with a Web 3.0 investment firm called DWF Labs as part of a $50 million deal.
The partnership will focus on growing the Algorand blockchain through additional liquidity and project funding in order to support what the Algorand ecosystem is capable of.
This will also likely expand Algorand’s focus within the web 3.0 space as the firm sees that as a high growth potential market.
DWF Labs will also be encouraging third parties to start building on the Algorand ecosystem so the partnership may bring more developers to the blockchain.
This partnership is an investment in the growth of the Algorand Ecosystem 🌍
Learn more 👇https://t.co/W83gXx2dp5
— Algorand Foundation (@AlgoFoundation) June 26, 2023
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 has also been working on improving from a technical side as it had previously rolled out a protocol update that essentially brings faster block times and makes the platform more attractive for developers.
None of these improvements will immediately make the price of its native token ALGO to surge immediately as the value will take time to be recognized.
As a result, it is clear that Algorand is playing the long game and is just continuously ensuring that the ecosystem continues to grow and is attracting new developers.
Once this is achieved, one can expect many decentralized apps to be built on the ecosystem which will make its ALGO token much more valuable.
1/ 🤝 A $50M partnership between @Algorand and web3 investment firm @DwfLabs aims to bolster the blockchain through liquidity provision and project development funding in areas like #DeFi, art & music, gaming, oracles, bridges, and infrastructure. $ALGOhttps://t.co/LdJs8TM2uG
— CryptoSlate (@CryptoSlate) June 26, 2023
Paul Riegle, chief product officer at Algorand, said the company is focused on building the best technology for developers to deliver engaging user experiences. He added:
“Through these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing.”
The ALGO price is down 95% from its $2.38 previous cycle peak on September 13, 2021.
Factors involved include SEC allegations that the ALGO is a security and the mysterious hack of third-party wallet provider MyAlgo – with Algorand Foundation CEO Staci Warden saying they have turned the information over to the FBI following unsuccessful forensic investigations.
As of press time, ALGO was up 13.9% over the past week but down 1.2% over the last 24 hours.
— BSC News (@BSCNews) June 27, 2023
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