Investment firm Borderless Capital has closed a $10 million fund for mining and staking HNT, the native token of The People’s Network, which is built on the Helium blockchain.
- HNT.Fund’s wants to create a “Wrapped HNT” on the Algorand blockchain to enable HNT use in decentralized finance (DeFi) and centralized finance (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 included Adam Bain, the former chief operating officer of Twitter, and Sandeep Nailwal, the co-founder of the Polygon protocol.
Read more: Borderless to Launch $25M Miami Blockchain Fund With Algorand, Circle