Borderless Capital closes $10M fund to mine and stake HNT

2021-7-7 16:07

Borderless Capital, a venture capital company focused on growth of the Algorand ecosystem, closed the HNT.Fund for $10 million, Invezz learned from a press release of the company. The fund was conceived with the purpose of mining and staking Helium (HNT/USD), the People’s Network’s native token, which is based on the Helium blockchain and LoRaWAN technology.

Mining system based on innovative Proof-of-Coverage algorithm

The fund will support the Helium blockchain by staking and mining the token based on Proof-of-Coverage, an algorithm that rewards users running Hotspots linked to the cryptocurrency’s blockchain. The Hotspots support the HNT blockchain ecosystem by creating a radio-based, low-power network linking IoT devices to the web.

Fund to launch 100 Helium validators

The HNT.Fund will launch about 100 Helium validators, which utilize a Proof of Stake mechanism to engage in block production and confirmation. Users commit HNT through this mechanism. The Consensus Group, whose network spans 70,000 Hotspots in 90 countries, will perform block production. The group intends to expand to 5G / CBRS devices in 2021.

Leading experts among HNT.Fund partners

Among the fund’s limited partners are people like former Twitter COO Adam Bain, Extend CEO and founder Woodrow Levin, Sandeep Nailwal, Co-founder of Polygon; Bibox exchange founder Aries Wang, and GoldenTree partners Deeb Salem, Steven Tannanbaum, and Joseph Naggar.

One of the fund’s main upcoming initiatives is to create a wrapped HNT on the Algorand ecosystem in order to create more lucrative opportunities for the token on the Algorand smart contract blockchain. Wrapped HNT will have both CeFI and DeFi uses thanks to Algorand’s superior performance and flexibility, allowing users to trade the token or earn yield.

Borderless CEO and Managing Partner David Garcia commented the development:

“We see the Helium blockchain as the connectivity layer for hardware networks, where it is possible to build the next generation of IOT devices and IOT applications, and we have a unique opportunity to connect this with the future financial software provided by the Algorand network. Helping to bridge both ecosystems (hardware IOT network and software financial network) will bring us one step closer to the society of the future and create value for both ecosystems at the same time.”

The post Borderless Capital closes $10M fund to mine and stake HNT appeared first on Invezz.

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