Algorand, a blockchain and cryptocurrency solution for businesses, has secured $62m in its equity round.
The round was deployed by an unnamed broad global investment group, which represents venture capital, cryptocurrency and financial services. Alongside the investment, the company has made a handful of senior executive hires with Fuze co-founder and chairman Steve Kokinos and uPromise co-founder Sean Ford joining as CEO and COO, respectively.
Through the investment and new hires, the company will look to launch its blockchain protocol.
Boston-based Algorand is a decentralised economy specifically designed for businesses. Its goal is to solve the blockchain trilemma by building a solution which is decentralised, stable and secure, according to the company.
Clients using the platform can complete digital transactions on what is the first blockchian solution for full and instant transaction finality with no forking, the company website claims. The platform offers a permission-less, pure proof-of-stake protocol which empowers open participation of users.
Algorand founder Silvio Micali said, ?We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy.
?Our team of scientists is comprised of some of the most accomplished minds in cryptography, theory, and finance, and we are very excited to add the proven business acumen we need to help bring our protocol to market.p>
The company only recently closed its seed investment round, bagging $4m from Pillar and Union Square Ventures near the start of 2018. The capital was raised to support the growth of its team and technology.
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