Borderless Capital, a blockchain-focused enterprise capital group, has launched a $25 million fund that can make direct investments in crypto companies in Miami.
In a press launch shared with Decrypt, Borderless Capital stated the initiative is carried out in collaboration with blockchain platform Algorand and funds firm Circle, the issuer of the USDC stablecoin.
Along with the Borderless.Miami Fund, Borderless Capital is ready to launch an accelerator to help startups utilizing the Algorand blockchain.
The latter is having fun with rising adoption throughout varied sectors, together with decentralized finance (DeFi) and non-fungible tokens (NFTs). The Algorand blockchain was just lately used to create a digital passport monitoring Covid-19 vaccination in Latin America.
Turning Miami right into a crypto capital
Praising the initiative, Miami’s Mayor Francis Suarez stated that native authorities “are excited to maintain pushing the envelope on innovation, capital, and expertise” to make Miami “the ‘Capital of Capital.’”
Suarez has been a vocal advocate for cryptocurrencies and has made private fundings in each Bitcoin and Ethereum.
Earlier this yr, he revealed his bold plans to show Miami into the world’s crypto capital, with one specific initiative which allowed the residents of Miami-Dade County to pay native taxes with cryptocurrency.
Miami, typically touted as probably the most crypto-friendly metropolis within the U.S., “is the place to be now,” stated David Garcia, CEO and Managing Associate of Borderless Capital.
He additionally stated that the corporate can be shifting its headquarters and key personnel to the town.
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