Borderless Capital, a blockchain-focused venture capital group, has launched a $25 million fund that will make direct investments in crypto businesses in Miami.
In a press release shared with Decrypt, Borderless Capital said the initiative is carried out in collaboration with blockchain platform Algorand and payments company Circle, the issuer of the USDC stablecoin.
In addition to the Borderless.Miami Fund, Borderless Capital is set to launch an accelerator to support startups using the Algorand blockchain.
The latter is enjoying growing adoption across various sectors, including decentralized finance (DeFi) and non-fungible tokens (NFTs). The Algorand blockchain was recently used to create a digital passport tracking Covid-19 vaccination in Latin America.
Turning Miami into a crypto capital
Praising the initiative, Miami’s Mayor Francis Suarez said that local authorities “are excited to keep pushing the envelope on innovation, capital, and talent” to make Miami “the ‘Capital of Capital.’”
Suarez has been a vocal advocate for cryptocurrencies and has made personal investments in both Bitcoin and Ethereum.
Earlier this year, he revealed his ambitious plans to turn Miami into the world’s crypto capital, with one particular initiative which allowed the residents of Miami-Dade County to pay local taxes with cryptocurrency.
Miami, often touted as the most crypto-friendly city in the U.S., “is the place to be now,” said David Garcia, CEO and Managing Partner of Borderless Capital.
He also said that the company would be moving its headquarters and key personnel to the city.