The Algorand Foundation has launched an Asia-focused accelerator program to attract projects building out on its native proof-of-stake blockchain network.
The program would offer selected startups $15,000 each in upfront seed funding, with up to $250,000 each in follow-on investment, according to a statement shared with The Block. The program is launched in an association with Borderless Capital and LongHash Ventures.
Besides monetary support, the 12-week program looks to guide startups on strategy formulation, execution and marketing. Mentors include Tether CTO Paolo Ardoino, Securitize CEO Carlos Domingo, Multicoin Capital principal Mable Jiang and QCP Capital managing partner Darius Sit, among others.
The accelerator is particularly interested in startups building financial services and products, although it is open to all sectors. Applications are open until August 17, and the program is scheduled for October 19 to January 22.
The accelerator program comes in addition to the Algorand Foundation’s recent grant program — worth 250 million ALGO tokens (or about $58 million) — to spur development of the Algorand ecosystem.
Algorand was founded in 2017 by Massachusetts Institute of Technology professor and Turing Award-winning cryptographer Silvio Micali, and is backed by notable venture firms, including Union Square Ventures.