Algorand aims to expand into DeFi and tokenization with European accelerator program

  • The Algorand Foundation, Eterna Capital and Borderless Capital have launched an accelerator program for 11 startups in Europe.
  • The program aims to foster the adoption of the Algorand blockchain in the areas of payments, DeFi, tokenization and IoT.

To foster the Algorand ecosystem, Algorand Europe Accelerator, an initiative funded by the Algorand Foundation and global blockchain funds Eterna Capital and Borderless Capital, announced today that it has launched its accelerator program for 11 startups. The initiative aims to strengthen the Algorand ecosystem through solutions in the areas of payments, lending, infrastructure, IoT and network driven platforms.

The European Accelerator Program started already yesterday, February 01, and is expected to run until the end of April 2021, funding 11 startups at the beginning. Massimo Morini, Chief Economist at the Algorand Foundation commented on the announcement as follows in a press release shared with CNF:

Following the success of our Asia Accelerator Program, I’m excited about the launch of the Algorand Europe Accelerator. Europe is crucial for Algorand’s growth, and London is an important startup hub and a crucial financial center.

The selected projects will each receive €15,000 in seed capital from Borderless Capital, as well as comprehensive strategy development and go-to-market support, and expert advice on technology consulting, token economics, marketing, and fundraising.

Payments, DeFi, tokenization and IoT

To strengthen the payments space, the initiative will support ZTLment, a payments infrastructure solution that helps SMEs streamline and overcome barriers to cross-border commerce; Payscript, a payments orchestration framework that simplifies the acceptance of digital payments to remove barriers to crypto adoption; and Smart-Chain, a research and innovation center.

Lending will be covered with Italian startup Blockchain Italia, which aims to bring DeFi to the Algorand blockchain. Blockswap Network, Ockams and STOKR will receive support for their work in the field of infrastructure. The latter is developing an issuance marketplace for securities tokens and alternative tokenized assets.

To advance the area of network-driven platforms, Cortex, an integrated mobile crypto app that enables interaction, information flow and transactions on a single platform; and Kontinuous, a blockchain asset manager, as well as, a tokenization platform for art and collectibles, will receive funding through the accelerator program.

Last but not least, Algorand will also subsidize the Internet of Things (IoT) space with NetObjex, a data marketplace platform for smart cities and connected enterprises that enables tracking, tracing and monitoring of digital assets through the use of IoT, AI and blockchain technologies.

Commenting on the award, David Garcia, Managing Partner at Borderless Capital, said:

We are very excited for the launch of Algorand Europe Accelerator as a continuation of our prior experience in the Algorand Asia Accelerator. We are impressed by the quality of teams and startups joining the program and with the hundreds of applications we have received. We can’t wait to see the amazing products and services these high caliber entrepreneurs will build on top of the Algorand tech.

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