Borderless Capital Invests in and Partners With StakerDAO to Accelerate Access to DeFi Across Algorand Ecosystem
Blend (BLND) is the first of several new DeFi products to be launched on Algorand
Borderless Capital announced that they have invested in and partnered with StakerDAO to accelerate access to decentralized financial products throughout the Algorand Ecosystem. StakerDAO’s first financial product, Blend (BLND), will launch on Algorand, with plans for additional DeFi products in coming months.
BLND, which is available via CoinList as a synthetic ERC20 token and shortly as an Algorand ASA token, tracks a governed basket of Proof-of-Stake (PoS) tokens and offers the easiest way to go long on the best PoS networks. With a single BLND ASA (Algorand Standard Asset) token, qualified individuals can now instantly participate in Algorand, Tezos, and Cosmos. BLND provides both price exposure to these blockchain projects, as well as exposure to the staking rewards these networks generate.
“With its fully collateralized basket that includes the ALGO, we are excited to welcome users of Blend as they support the growth and utility of the token and blockchain platform,” said Sean Lee, CEO of the Algorand Foundation. “BLND is part of accelerated momentum for DeFi on Algorand with its unique primitive that provides a liquid instrument for DeFi. We are also excited to announce that StakerDao is the first project to be accepted into the Algorand Asia Accelerator, a Finance 3.0 focused blockchain launchpad helping projects to establish and deepening their strategic presence in Asia.”
“We welcome StakerDAO to the Borderless Capital portfolio. We are very excited to collaborate together developing new innovative financial products leveraging the superiority of Algorand’s technology and platform,” said Arul Murugan, Founding Managing Partner of Borderless Capital.
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Borderless Capital and StakerDAO will partner to launch a growing number of products for the DeFi and Algorand ecosystems, creating gateways to both stake and secure the Algorand network while participating in DeFi. The goal is to enable the release of liquidity locked in staking, while maintaining the number of tokens securely validating the network.
These financial products will be launched and managed under the direction of STKR token holders and secured by the Staker Agora governance process. The STKR token governs all decisions related to financial assets by StakerDAO. Governance is transparent and open to the public on the governance site.
With Borderless Capital’s investment StakerDAO has closed its $3M Series A round, co-led by Polychain and Lemniscap. Based on the current value of $13.30 per token, STKR has a market capitalization of $20M.
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