Borderless Capital Raises $10M for HNT Staking and Mining
7 Jul, 2021•1 min read•Mining
Algorand-focused venture firm Borderless Capital has closed a $10 million fund for mining and staking HNT, the native token of The People’s Network built on the Helium blockchain.
One of the HNT.Fund's aims is the creation of a Wrapped HNT on Algorand to enable HNT use in DeFi and CeFi applications, according to an emailed announcement Wednesday. Helium uses blockchains and tokens to incentivize consumers and businesses to run commercial telecommunications hubs that support the ecosystem in what is called a "proof-of-coverage" model. It announced the launch of a 5G version of its network in April. HNT.Fund is the first non-Algorand fund that Borderless Capital has been involved in. Participants in the fund include Adam Bain, the former chief operating officer of Twitter, and Sandeep Nailwal, the co-founder of Polygon.