Support from institutional investors and a number of new partnerships could help ALGO break the current consolidation in the coming week.
Consolidation phases are often accompanied by strong recoveries, but they also provide a good opportunity to examine the field and evaluate projects with strong fundamentals.
One project that continues to attract attention in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has won new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.
Large Fund Investment based on Algorand projects
Fundraising is a major challenge for many projects. Last month, Algorand Network announced that digital asset management company Arrington Capital has committed $100 million in funding to further develop all aspects of smart contract platforms.
That development came after the June 2 announcement that venture capital firm Borderless Capital had created a $25 million fund to help Miami-based blockchain startups develop digital payment solutions on the Algorand network.
New partnership attracts investors
As you scroll through the Algorand Foundation’s Twitter feed, you can see that more and more cryptocurrency projects from various industries have joined the Algorand community to take advantage of the low-cost POS environment.
After establishing a partnership with Curate, the Non-Fungible Token (NFT) division showed interest in the network that will allow the coinage of NFTs and Curvegrid to release bridges so that companies can bring NFT and blockchain technology into their enterprise and mobile Build in apps for consumers.
Other recent examples of the launch include working with Bermuda-based MAPay Healthcare Payment Solution, which will host their payment solutions on the Algorand blockchain to improve efficiency and reduce healthcare costs, and partnerships with Xfinite and Eros Now Create a blockchain-based content participation platform for the 224 million registered users of Eros Now.
These new partnerships emerged after a busy year on the internet and also include the integration of the two largest stablecoins into the cryptocurrency ecosystem, USD Coin (USDC) and Tether (USDT).
Increasing investments from network partners and traditional finance participants show that ALGO is in a good position to see future growth as the blockchain industry continues to prevail and the crypto market has recovered from the recent major adjustments.
