MIT Professor Raised $4M for Algorand Development

Algorand is "latest effort to build a wholly new blockchain system"
16 February 2018   613

Developers of the Algorand blockchain protocol have attracted $ 4 million of initial funding. This is reported by CoinDesk.

Investments came from venture capital firms Pillar and Union Square Ventures, as Algorand representatives reports.

Algorand consists of digital currency and transaction platforms, as co-author of the protocol is Silvio Micali, professor of Massachusetts Institute of Technology (MIT) and the winner of the Turing Award. The protocol works on the "proof-of-stake". This year it is already represented at the conference "Financial Cryptography and Data Security", which was held in Malta.

Algorand is another attempt to create a completely new blockchain system. This protocol is designed to correct management problems with distributed systems. The project plans to use the funds raised to assemble the development team and continue working on the protocol.

Just as the strength of the Algorand network comes from the diversity of its participants, the strength of the Algorand community comes from the diversity of its contributors. We are an open community bringing together end users, developers, and researchers in cryptography, economics, and computer science.
 

Silvio Micali

Professor, MIT

The exact date for the launch of the Algorand blockchain has not yet been named. The developers argue that this should happen "within a year."

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   121

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.