Crypto Miami Scores $25 Million Win For Algorand

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Atlanta-based Borderless Capital is investing $25 million in Miami blockchain startups that use an emerging alternative cryptocurrency platform called Algorand to help local companies build platforms for payments and capital markets leveraging blockchain technology. That’s great news for the emerging fintech space, people searching for a more private and secure internet experience, and — of course! — the planet.

We’re on some familiar ground here with cryptocurrencies and blockchains, but Algorand is a bit different from cryptocurrencies like Bitcoin that you might be more familiar with. For starters, it uses a proof-of-stake consensus protocol, which is designed to be significantly less energy-intensive that Bitcoin’s proof-of-work model which, despite its well-reported problems, still represents a massive improvement over the traditional petrodollar’s carbon footprint. “Significantly,” by the way, looks a little like this:

Image courtesy Algorand Foundation.

What’s more, Algorand’s developers claim the platform will actually become even more energy efficient over time in the math-heavy article I snatched these graphs from a few minutes ago. If they’re right, they’ll be able to deliver the transparency and security that blockchain promises at an environmental cost that’s less than 1% of 1% of Bitcoin’s. (!)

Image courtesy Algorand Foundation.

So, what does this mean for Miami? It means that Miami Mayor Francis Suarez’ efforts to cement Miami as a cryptocurrency leader are starting to pay off in real dividends. “With the support of Algorand, Circle and other top local partners, we’re building an ecosystem in line with our vision for Miami,” he said, in a statement. “I am so excited to work with Borderless.Miami to make Miami the epicenter for digital capital markets in our pursuit of becoming the ‘Capital of Capital’.”

Miami rose to prominence in the cryptocurrency space back in February, when Suarez passed a resolution to allow city residents to pay fees and fines in Bitcoin, and even enabled employees who opted in to receive their salaries in Bitcoin. It’s safe to say, then, that Suarez is a believer. “I firmly believe that when and if Amazon and or Apple adopts Bitcoin as a payment structure the dam will essentially break because at that point you’re talking about a very high volume of transactions being able to use bitcoin,” Suarez told Reuters. “It’s part of a larger play if you will to position Miami as one of the most tech-forward cities in the country.”

$25 million later, it seems to be working. Borderless Capital also announced its corporate relocation from Atlanta to Miami, with 12 employees looking at the Wynwood area for the company’s new offices. It’s worth noting here, also, that Borderless did not receive any relocation incentives from the city — so, you know, that’s one up on Elon. 😉

You can find out more about the Algorand platform in this video below from Unbanked, which features one of the smoothest voices I’ve heard since Marvin Gaye. Give it a listen, and see if you don’t agree that this dude could make millions doing meditation app voiceovers to overstressed salary workers, then let us know your take on Miami’s crypto-progress in the comments section at the bottom of the page.

Unbanked | What is Algorand?

Sources: the Algorand Foundation, Coindesk, Miami Herald, Reuters.

Featured image: Downtown Miami wide photo D Ramey Logan.jpg from Wikimedia Commons under Creative Commons Attribution 4.0 license

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