Algorand, a Boston, MA-based blockchain and cryptocurrency purpose built for business, closed a $62M equity funding.
Backers included a broad global investment group representing the venture capital, cryptocurrency, and financial services communities.
Founded by cryptography pioneer and Turing award winner Silvio Micali, Algorand provides a platform that delivers decentralization, scalability and security for existing businesses and new projects to operate globally in the emerging decentralized economy.
The solution leverages a permissionless, pure proof-of-stake protocol that supports the scale, open participation, and transaction finality required to build systems for billions of users.
The company also announced senior executive hires including:
– Steve Kokinos, co-founder and Chairman at Fuze, and
– W. Sean Ford, co-founder of uPromise and former CMO of LogMeIn,
who joined as CEO and COO, respectively.
Algorand will use the funds to launch the blockchain protocol designed by Micali.