Algorand Secures $62M in Funding and Announces Appointment of Executive Team
Algorand , a first-of-its-kind blockchain and cryptocurrency purpose built for business, announced today the closure of a $62M equity investment and the addition of senior executive hires from leading global technology brands. Steve Kokinos, co-founder and Chairman at Fuze, and W. Sean Ford, co-founder of uPromise and former CMO of LogMeIn, join Algorand as CEO and COO, respectively. The $62M comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities. The funding, combined with the executive hires, will help launch the revolutionary blockchain protocol designed by MIT’s Silvio Micali.
“At USV we believe that foundational innovation is required to deliver on the promise of blockchain technology,” said Albert Wenger, managing partner at Union Square Ventures. “Algorand is building a crucial part of that with their novel consensus algorithm that solves for security, decentralization and scalability.”
“Algorand is a company uniquely approaching the blockchain and cryptocurrency space from both a technology and business perspective,” said Jamie Goldstein, founding partner, Pillar Venture Capital. “Silvio Micali is an award-winning cryptographer, and the technology he and his team have developed has the potential to transform industries. With the addition of Steve and Sean, he is now joined by a senior leadership team that has deep expertise in building enterprise companies at scale.”
“We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy,” said Silvio Micali, Algorand founder, MIT computer science professor and Turing Award winner. “Our team of scientists is comprised of some of the most accomplished minds in cryptography, theory, and finance, and we are very excited to add the proven business acumen we need to help bring our protocol to market.”
Bringing a combined 40+ years of proven technology experience in leading disruptive brands, Kokinos and Ford offer deep and unique expertise in driving the growth of innovative tech companies. A serial entrepreneur, Kokinos has founded and grown three successful companies – Fuze, BladeLogic, and WebYes, Inc. while Ford has built a reputation for operational execution and go-to-market expertise at a variety of tech companies including uPromise, Oracle and LogMeIn.
Based in Boston, and founded by cryptography pioneer and Turing award winner Silvio Micali, Algorand solves the “blockchain trilemma ” with a platform that delivers decentralization, scalability and security. Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s first-of-its-kind, permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build systems for billions of users.
For more information, visit https://www.algorand.com/ .
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
PHILIP-MORRIS-INTERNATIO18.1.2019 18:02 | Pressemeddelelse
PMI’s Mission Winnow Goes Full Throttle with Ducati Corse for 2019 MotoGP™
NY-IFF18.1.2019 13:52 | Pressemeddelelse
IFF’s Frutarom Division Completes Acquisition of 60% of Thailand-based Mighty
LARSEN-&-TOUBRO-INFOTECH18.1.2019 13:04 | Pressemeddelelse
LTI Q3 FY19: Constant currency revenue growth up 6.1% QoQ and 20.6% YoY; Net Profit jumps 32.8% YoY
TX-SCHLUMBERGER-LIMITED18.1.2019 13:02 | Pressemeddelelse
Schlumberger Announces Full-Year and Fourth-Quarter 2018 Results
OR-FLIR-SYSTEMS18.1.2019 12:02 | Pressemeddelelse
FLIR Systems Awarded $89 Million Contract from French Armed Forces to Deliver Black Hornet Personal Reconnaissance System
ISAE-SUPAERO18.1.2019 09:02 | Pressemeddelelse
ISAE-SUPAERO Launches a New MOOC in the Field of Space and Aeronautics
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum