The Algorand Foundation, the governance and research organization behind major blockchain platform Algorand, is launching a new accelerator program in Europe.
Known as “Algorand Europe Accelerator,” the new program intends to support European developers and entrepreneurs looking to build applications on the Algorand platform.
Announcing the news on Oct. 15, the Algorand Foundation told Cointelegraph that the new program will launch in collaboration with established Algorand’s investors, Eterna Capital and Borderless Capital.
As part of the program, Borderless Capital will distribute $15,000 in upfront seed funding to ten selected projects. Successful initiatives will be eligible for up to $500,000 in follow-on investment from both Borderless Capital and LongHash Ventures.
A spokesperson for the Algorand Foundation said:
“The most successful projects are eligible for $500,000 in follow-on investment […] We are not setting a predetermined number of startups that will receive this additional funding.”
The Algorand Europe Accelerator also intends to provide selected projects with expertise in areas like strategy formulation, market execution, and subject matter guidance across tech mentorship, token economics, marketing, and fundraising. The 12-week program has already onboarded some mentors including industry experts like Props co-founder Adi Sideman, Securitize CEO Carlos Domingo, and Youbi Capital CEO Chen Li.
Massimo Morini, chief economist at the Algorand Foundation, said that the development of Algorand-based applications in Europe is “crucial for Algorand’s growth” as “London is an important startup hub and a crucial financial center.”
Algorand’s new Europe accelerator program follows a similar initiative to the one announced in Asia earlier this year. In June 2020, the Algorand Foundation launched the Algorand Asia Accelerator to award Algorand developers $15,000 and $250,000 in seed funding and follow-on investment, respectively. The program was also funded by Borderless Capital and Eterna Capital.
A spokesperson for the Algorand Foundation told Cointelegraph that the Asia Accelerator program received more than 150 applications during the application period. “We will be sharing more details on the Inaugural Batch of Blockchain start-ups which have been selected very soon,” the representative said.
Algorand is involved in a number of international blockchain and fintech developments like China’s Blockchain Service Network and the ongoing implementation of the central bank digital currency (CBDC) on the Marshall Islands. Algorand joined Marshall Islands’ CBDC project — the Marshallese Sovereign — in March 2020.