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Borderless Capital is launching a $500 million ALGO Fund II to help develop projects based on the Algorand blockchain, according to CoinDesk. The fund will invest in a range of DeFi and NFT projects based on the Algorand blockchain network. Borderless Capital, based in Miami, is one of the leading investors in the Algorand ecosystem. In June 2019, it launched the $200 million ALGO Fund I. Borderless says it is currently investing $400 million in the Algorand project through different funds. Algorand was also selected yesterday as a strategic partner in a $1.5 billion venture Capital fund launched by Hivemind Capital Partners, the investment vehicle of Matt Zhang, a former Citigroup executive.
BTC price has rebounded slightly over the past two days. ETH price is back up to $4,700. Despite the cryptocurrency rally, bearish sentiment in the market has not faded. Despite the market panic, institutional investors are expressing confidence in the industry’s long-term future. For BTC, $60,000 remains the first pressure level to establish a bullish trend.
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