Borderless Capital Raises $10M for HNT Staking and Mining

Borderless Capital Raises $10M for HNT Staking and 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.
  • Source