Algorand Blockchain and Crypto Project Inks $62 Million Dollar Investment
The next-gen blockchain and altcoin that was purpose-built to enhance modern businesses, Algorand, has just announced that it has secured a sizeable 62-million-dollar investment. Besides acquiring this substantial equity, the firm also added new senior executives to its board from some of the leading technology brands in the world.
Among the new additions include Steve Kokinos as the CEO and Sean Ford as the COO. Steve is the Fuze Chairman and co-founder while Ford is the uPromise co-founder as well as a previous CMO at LogMeIn. The considerable investment equity comes from an international investment group that represents the cryptocurrency, financial services, and cryptocurrency communities. The senior management hires, and the funding will assist in launching Algorand’s native blockchain protocol, which was designed by Silvio Micali from MIT.
According to Albert Wenger, the managing partner, and executive at USV (Union Square Ventures, they are very thrilled to be part of Algorand’s development. He commented that USV believes that sufficient foundational innovation will help to deliver the benefits and great promise of implementing blockchain solutions. He added that Algorand was building a critical segment of that foundation with their custom consensus algorithm, which combines security, scalability, and decentralization.
Meanwhile, Jamie Goldstein, the founding partner of Pillar Venture Capital, said that he was pleased with the fact that Algorand was approaching the crypto and blockchain sectors from a business and technology standpoint. He added that the combination of Silvio Micali, a reputable cryptographer, along with innovative technology that Algorand is developing has the potential for radically transforming industries. The recent addition of new executives means that Algorand now has an experienced leadership team.
Silvio Micali, the Algorand founder, and MIT computer science lecturer, said that they had been gradually developing Algorand over the last few years with the target of building scalable, business-ready protocols for a decentralized and global economy. The internal team at Algorand already comprises of the leading minds in the cryptography, finance and theory worlds. Silvio mentioned he was pleased to get the established business expertise that the new executive hires will bring as they move towards getting their protocols to market.
With over four decades worth of tried and tested technical expertise in leading some of the most disruptive brands, Ford and Kokinos offer unique and broad experience in driving sustainable growth for intuitive tech businesses. Kokinos is a skilled serial entrepreneur who has created and successfully grown several companies, including BladeLogic, WebYes.Inc and Fuze. Meanwhile, Ford has a remarkable reputation for strategic, operational execution along with GTM expertise that helped many companies like Oracle, LogMeIn, and uPromise to get to market quickly and attain a competitive advantage.