A crypto venture capital firm is launching a US$100 million fund to invest in Algorand as the blockchain tries to gain traction against Ethereum, Cardano and Solana.

The Arrington Algo Growth Fund aims to encourage and spur additional development on Algorand, a proof of stake crypto founded by cryptographer Silvio Micali.

The fund is a project of Arrington Capital, owned by TechCrunch founder and entrepreneur Michael Arrington, who is also heavily invested in Ripple Lab’s XRP token.

“We are inspired by the traction that Algorand has in the market right now. With unmatched tech, robust developer resources and a vision for long term sustainability, Algorand is empowering its community to more easily create the future of finance,” said Arrington said.

“The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem.”

Algorand is up 4.0 per cent in the past 24 hours to US$1.04, and 258 per cent year-to-date. That’s better 2021 performance than Tron, Tezos and EOS, but not as good as Eth, Cardano or Solana.