Announcing Valhalla Capital’s Investment in Algomint
We are delighted to highlight our recent investment in Algomint, a product focused on bridging digital assets on other blockchains onto the Algorand network, alongside leading industry partners.
Algorand has certainly hit many milestones since its launch two years ago, including the recent announcements of a major healthcare payments processor in Bermuda adopting the network to handle $800M+ in payments, hundreds of millions in new and continued investments in the ecosystem, and a significant update to its virtual machine that simplifies dApp development and expands functionality for developers. As such, given the inevitable explosion of Algorand DeFi bubbling to the surface, Algomint is perfectly positioned to bring liquidity and access to this new marketplace.
In addition to the wellspring of activity within the ecosystem, the Algorand founder community both impressed and surprised us with the degree of collaboration and coordination between its projects. In particular, we found that the Algomint co-founders, Michael Cotton and AJ Milne, are tremendous community builders, advocates, and visionaries that are not only creating a great product but also uplifting their partners and other ecosystem building blocks in the most inspiring and efficacious way.
About Algomint
Algomint will be the digital asset minting platform of choice on the Algorand protocol, enabling cross-chain bridging and supplying institutional APIs to promote trading, payments, lending, and borrowing. Each asset will be backed 1:1 through custodians such as Copper.
The company will derive revenue from minting and burning fees, 70% of which will be distributed as rewards to holders of its governance token, goMNT. While having identical properties to other existing DeFi governance tokens through staking, voting, and providing community growth incentives, Algomint improves upon the standard WBTC custodial model by returning the majority of its revenue to its community.
The team will focus on rolling out goMNT and initial tokenized assets, goBTC , goETH, and goUSD, to coincide with its partners’ DEX launches over the next two quarters. Furthermore, the team intends to support further interoperability across Polkadot, Solana, and other chains while creating a simple “savings wallet” predicated on goMNT income streams from the core asset tokenization business.
In summary, we believe Algomint provides three initial areas of deep utility:
(1) Broadens and creates a gateway for tokenized assets and liquidity into the Algorand ecosystem
(2) Introduces an alternative built on a carbon neutral, natively inexpensive blockchain to the nascent BTC tokenization market
(3) Leverages Algorand’s institutional connections in a product and business that is easy to understand and integrate
Closing Thoughts
Like many of our partner funds, we hold strong conviction in DeFi on Algorand, a technology platform that outcompetes in terms of cost, finality, speed, and security. Additionally, while Algorand has always had an edge when it comes to relationships with institutions, we believe what will push the protocol over the finish line is the firm adherence of the core product teams to a collaborative, network effect-focused philosophy.
As more Algorand projects formally launch this year, astute observers will recognize that most of their names will strive to reflect the core tenets of blockchain — financial inclusion, opportunity for all, and the importance of community. Having spoken to many teams building on Algorand, we can wholeheartedly say that we have seen this commitment to this worldview at work.
The people behind Algomint truly exemplify these values, and you will see it reflected in everything they do. While we are pleased to support a critical piece of the puzzle in the Algorand DeFi ecosystem, we are even more excited about the journey with this tremendous team.
Please check out the following links below to learn more about Algomint.
About Valhalla Capital
Valhalla Capital is a private investment fund and start-up accelerator run by long-time crypto investors and operators. Our journey began with intellectual curiosity that quickly transformed into an insatiable passion once we saw the potential of a more decentralized, open world with less friction across all avenues of finance and community.
Blockchain technology has changed our lives, and we’ve made the decision to give back to the industry. Through Valhalla Capital, we apply capital, connections, research, and strategy to propel builders and engineers to bring in the next generation of DeFi.
Contact Us
Website: valhalla.capital
Twitter: @ValhallaFund
