Blockchain payments platform Algorand has $62 million in an equity investment round. The funding comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities, including Union Square Ventures and Pillar Venture Capital.
Founded by MIT professor and Turing Award winner Silvio Micali, Algorand is a scalable and decentralized cryptocurrency and transactions platform based on Byzantine Agreement (BA) protocol. It addresses blockchain’s scaling challenges through rapid and efficient user consensus, enabling even the smallest transactions, regardless of volume or number of users. The platform ensures that users never have divergent views of confirmed transactions, even if some of the users are malicious and the network is temporarily partitioned.
Algorand said the new capital will be used to further expand its engineering team as it moves towards the platform’s launch.
“At USV we believe that foundational innovation is required to deliver on the promise of blockchain technology,” said Albert Wenger, managing partner at Union Square Ventures. “Algorand is building a crucial part of that with their novel consensus algorithm that solves for security, decentralization and scalability.”
The company also announced that it has hired Steve Kokinos, co-founder and Chairman at Fuze, as CEO and W. Sean Ford, co-founder of uPromise and former CMO of LogMeIn, as chief operating officer. The executive hires combined with the new capital will help launch Algorand’s “revolutionary blockchain protocol,” the firm 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,” said Micali. “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.”
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