Apr 16, 2020
By: Eterna Borderless Venture Studio
Eterna Borderless Venture Studio launched today to support projects looking to build applications on the Algorand platform. This program is a combined initiative led by Eterna Capital and Borderless Capital, and has attracted the support of more than half a dozen blockchain projects.
Andrea Bonaceto, Partner at Eterna Capital: “We are looking forward to supporting talented teams with innovative ideas. We are creating an ecosystem of industry partners to help our portfolio companies to achieve success while accelerating the adoption of blockchain technology."
The first venture studio for developers and entrepreneurs building on Algorand will provide an array of tools and resources for creating decentralized applications. Eterna Borderless Venture Studio will also support existing projects to help them transition to the Algorand platform and benefit from its ecosystem. The Venture Studio is now seeking applications from eligible startups. Those selected will receive up to $100K in capital from VC firms Borderless Capital and Eterna Capital. In addition to this, the flagship VC fund of Borderless Capital can do follow-on investment of up to $2M for those companies that emerge as category leading business.
"An important component of the Algorand community today is broad support for the accelerating momentum of DeFi organizations, enterprises, and governments using this next generation technology," said Silvio Micali, founder of Algorand. "I am excited to see two thought-leading organizations come together and create a rigorous program that will support innovation and frictionless exchange on Algorand."
The venture studio has formed an ecosystem of partners that includes elite student groups from some of the world’s most prestigious universities such as University of Oxford, University of Cambridge, and Imperial College of London. Leading blockchain and PR marketing firm MarketAcross as well as F6S, one of the largest startup ecosystems in Europe, have also partnered with Eterna Borderless Venture Studio. In addition, seven blockchain projects have pledged to join the venture studio from launch:
Ben Goertzel, CEO at SingularityNET: ”At SingularityNET we are exploring the use of Algorand to increase speed of transaction between our AI agents for a variety of applications in fintech, health tech and IoT, including credit scoring, risk management, car and pedestrian traffic analytics and personal medical analytics oriented toward healthy longevity and minimization of COVID-19 risk.“
The establishment of Eterna Borderless Venture Studio will drive long-term adoption and growth of the Algorand ecosystem, while accelerating the trajectory of startups creating valuable solutions spanning finance, exchange, custody, and more. Eterna Borderless Venture Studio will nurture outstanding projects creating the decentralized applications that will drive the next wave of adoption. Eterna Borderless Venture studio will mostly focus on the European region. This initiative is the first step towards creating a global network of venture studios aimed at supporting the Algorand borderless economy.
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About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption and creates value globally through the Algorand Borderless Economy. For more information, visit www.borderlesscapital.io
About Eterna Capital
Eterna Capital is a London based investment company focused on blockchain technology. The firm was launched in 2018 and has established itself as a leading player within the blockchain sector in Europe. For more information, visit www.eternacapital.com
About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction in financial exchange, Algorand Inc. is powering a financial evolution by enabling the creation and exchange of value, building new financial tools and services, while providing responsible privacy features. For more information, visit www.algorand.com