Rob Wile The Miami Herald
WWR Article Summary (tl;dr) As Rob Wile reports, "A $400 million venture firm is making a $25 million bet on Miami blockchain startups that use an emerging alternative cryptocurrency."
Atlanta-based Borderless Capital is announcing the creation of the Borderless.Miami fund, which will use the millions to seed startups using the Algorand blockchain and Algo coin. It is also creating an Algorand Miami Accelerator in collaboration with Circle, another heavyweight in the crypto world.
Created by influential computer scientist Silvio Micali, the Algo coin currently has a $5 billion market cap and is part of CoinDesk's crypto media group "CoinDesk 20," a Dow Jones-like index for cryptocurrencies.
As part of the announcement, Borderless Capital is also announcing its corporate relocation from Atlanta to Miami. Its approximately 12 employees are looking at Wynwood for the new office.
"This is the place to be now, and we are here to fund and work with entrepreneurs that share our vision," Borderless managing partner David Garcia said in a statement.
Miami Mayor Francis Suarez, who has been a vocal supporter of expanding Miami's ties to the crypto world, said: "I am so excited to work with Borderless.Miami to make Miami the epicenter for digital capital markets in our pursuit of becoming the 'Capital of Capital.' "
Garcia said Borderless Capital did not receive any relocation incentives. More information can be found at www.borderless.miami. ___ Distributed by Tribune Content Agency, LLC.