April 15, 2020 Algorand Foundation pledges $50 million for the development of the Algorand ecosystem.

The Algorand Foundation announced on Tuesday that it is pledging 250 million ALGO tokens, currently worth $50 million, to aid the development of the Algorand ecosystem. The grants will be directed to entities that contribute to the ecosystem over the next 2-4 years and will include those working on decentralized applications (dApps), research and development as well as educational resources. As part of its initial round, the Foundation has awarded grants, totaling 6 million ALGO to Bloq, a blockchain infrastructure provider, PureStake, a company developing a browser plugin and Reach, a platform that aids the development of dApps.