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Blockchain Platform Algorand Receives 62 Million USD Investment, Makes New Hires

Algorand, a platform which solves the “blockchain trilemma” and delivers decentralization, scalability and security, has recently hired several executives, on receiving a 62 million USD investment. Steve Kokinos the co-founder and chairman at Fuze joins Algorand as the CEO and W. Sean Ford, co-founder of uPromise and Former CMO of LogMeIn had been hired as the COO.

The investment is supposed to help launch the blockchain protocol which has been designed by the founder of the platform, Silvio Micali.

The $62M infusion will help launch the blockchain protocol designed by MIT educated Silvio Micali, who a computer science professional, and Turing Award recipient. He reportedly said,

“We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy… Our team of scientists is comprised of some of the most accomplished minds in cryptography, theory, and finance, and we are very excited to add the proven business acumen we need to help bring our protocol to market.”

Managing partner at Union Square Venture, a New York based venture capital firm, Albert Wenger said that they were firm believers in the foundational innovations, for delivering on the promise fo a blockchain Technology, and Algoran, with their novel consensus algorithm, was sure to play an extremely crucial part in providing support on their promised trilemma of security, decentralization and scalability.

The founding partner at the Pillar Venture Capital, a venture capital firm which focuses on artificial and machine intelligence, Jamie Goldstein said,

“Algorand is a company uniquely approaching the blockchain and cryptocurrency space from both a technology and business perspective… Silvio Micali is an award-winning cryptographer, and the technology he and his team have developed has the potential to transform industries. With the addition of Steve and Sean, he is now joined by a senior leadership team that has deep expertise in building enterprise companies at scale.”