Balancer Labs Has ‘Zero’ Involvement in Algorand; V2 Launch is the Sole Focus

The team clarified its $5,000 grant to the protocol as support. Meanwhile, another crypto project COTI received $500k from a Cardano-backed venture fund.

Balancer Labs, which is behind the DEX Balancer, a protocol for programmable liquidity, gave $5,000 to smart contract platform Algorand.

It then clarified that they have only issued a small grant as a “symbolic gesture of support” and are not involved in Algorand. Balancer Labs has basically no partnership and isn’t building anything on Algorand.

“The Balancer Labs team has zero involvement in the development of this project,” said the team.

They further stated that Balancer is single-mindedly focused on Ethereum and the upcoming launch of its version 2.

Balancer COO Kristen Stone recently featured in Yahoo’s “Seven Women Blazing a Trail in DeFi.” Before joining the DeFi protocol, Stone was working at the biggest crypto exchange in the US, Coinbase, and on DFinity and BlockDaemon.

Balancer completed a $5 million raise under her leadership in February, bringing its total funding to $12 million. Following this, the project confirmed a partnership with DeFi blue-chip Aave to allow idle assets on the exchange to earn a yield on the lending protocol.

Crypto Interconnection

In the crypto world, this week, COTI also received a $500,000 fund from cFund, the venture fund backed by another crypto project Cardano. Launched in July last year, the $20 million cFund is a joint venture between IOHK, the company behind Cardano cryptocurrency, and Wave Financial.

COTI had worked with Cardano previously when it created ADA Pay in 2019, which will now be upgraded for the Shelley mainnet, expected to be released over the coming weeks. Shahaf Bar-Geffen, COTI CEO said,

“There are a lot of new chains out there like Polkadot and Binance Smart Chain and so on, and they all more or less target the same crypto audience to do DeFi better and all of that.”

Instead of doing this, “ just another faster or better version of Ethereum,” Cardano, he said, is trying to work with governments in countries like Africa and South America.

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