• The two organizations will also work together in promoting blockchain and its applicability in everyday life.
• Algorand blockchain continues to expand its market presence as it takes a deep dive into the rapidly emerging DeFi space.

Related: Altcoin watch: Quant and Algorand top the charts as Cardano and BNB lead consolidation for major altcoins

Back in September 2021, Algorand announced a $300 million DeFi fund to support DeFi innovation on its platform. Back then, Sean Lee, CEO of the Algorand Foundation said:

The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem. Creating the right infrastructure, application ecosystem and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy efficient, scalable and low cost DeFi ecosystem.

Apart from just DeFi, the Algorand blockchain will also cater towards building other decentralized applications (DApps). This will further help ALGO to cement its market position while expanding its market presence.

Algorand’s native cryptocurrency ALGO has also been one of the top-performing altcoins this year in 2021. The ALGO cryptocurrency is currently trading at 400 percent gains year-to-date. If Algorand continues with its strong development, it can possibly enter the top-fifteen crypto-list in the coming months.