Eterna Borderless Venture Studio, an initiative focused on fueling Algorand development, has launched with the promise of $100,000 grants for eligible projects.
From Market Watch
Apr 23, 2020 Xherald -- Eterna Borderless Venture Studio, an initiative focused on fueling Algorand development, has launched with the promise of $100,000 grants for eligible projects. The initiative will expedite development of blockchain-powered applications and tools that utilize Algorand's proof-of-stake network.
Eterna Capital, Borderless Capital, and Algorand are the backers of Eterna Borderless Venture Studio, which draws upon the support of Algorand proponents to create a grants program for projects seeking to extend the blockchain's utility. Existing blockchain projects transitioning to Algorand will be considered for inclusion, as well as startups that have ideas for developing dedicated Algorand solutions. As an added incentive, Borderless Capital has earmarked a follow-on investment of up to $2M for selected grant recipients that merit later stage funding. Aware of the need to attract support from a wide range of industry participants, Eterna Borderless Venture Studio has also received the backing of MarketAcross, the well known blockchain and PR marketing agency, and F6S, one of the largest startup ecosystems in Europe. Algorand Begins to 'Buidl' 'Buidl' - the invocation from crypto companies to build products with clear utility - has clearly been taken to heart by Algorand's architects. In addition to Eterna Borderless Venture Studio kicking off its grants program, a separate initiative from the Algorand Foundation has been funded with the donation of 250M ALGO tokens worth $50 million. This will provide a runway for startups seeking to build tools that enhance Algorand's utility and augment its appeal to enterprises seeking a scalable blockchain network to build upon. Eterna Borderless Venture Studio, for its part, has secured significant support straight out the gate, with no less than seven blockchain projects onboarded initially. These include MAX Markets, an international trading group launching their own digital asset exchange, and Monerium, a platform enabling businesses to build digital financial services and regulated e-money on decentralized infrastructure. From Finance to Custody: Algorand Finds Its Niche One of the biggest challenges with young blockchain networks is finding their niche; the thing they do better than the rest. Ethereum, following an 18-month flirtation with ICOs, has settled down as the defi network of choice, while TRON has set up shop as a gambling haven, judging by its most popular dApps. Algorand has always been marketed as an enterprise-oriented chain, but its use cases are potentially much wider. Initiatives such as Eterna Borderless Venture Studio will give developers a chance to kick the tyres of Algorand, so to speak, and see what the network is capable of. The development of finance, exchange, and custody solutions will showcase Algorand's capabilities, while making it easier for users to interact with the decentralized PoS network. Eligible startups have been invited to submit applications to the Algorand venture fund. Those approved can expect to have their idea accelerated, with the aid of mentorship and introductions to an experienced investor network. The support of leading universities also provides a potential recruiting ground for Algorand-focused startups seeking to attract the next wave of blockchain developers.