Business Wire

Algorand and BridgeTower Capital Announce Strategic Partnership

Share

BridgeTower Capital, a global private equity firm, focusing on traditional private equity investments and blockchain and DeFi markets, announced today a partnership with Algorand. Algorand, the creator of the world’s first pure proof-of-stake foundational blockchain, is a leading blockchain technology company accelerating the convergence of decentralized and traditional finance.

BridgeTower will use Algorand’s technology as the underlying blockchain solution to issuance of the BridgeTower Capital tokenized digital security. It will also use Algorand as a preferred blockchain for BridgeTower products and services. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts.

“Algorand was a clear choice given their technology, team and leadership position in the digital marketplace,” said BridgeTower Chief Executive Officer Cory Pugh. “It is another important piece falling into place our effort to bring a new-world vision to private equity to maximizing the growing opportunities in blockchain and DeFi in private equity. It’s gratifying to see it coming together and to now see others enthusiastically validating the vision.”

BridgeTower is bringing a traditional operational business approach to its decentralized finance business by building recurring revenue and EBITDA growth as well as providing funding to growth companies with to create increased valuations. BridgeTower’s current blockchain staking product has grown substantially to more than $60 million assets under delegation within two months of launch. BridgeTower will aggressively add self-hosted Nodes over the coming months. “Algorand’s partnership with BridgeTower is based on our aligned vision to provide access to decentralized assets and products as well as a shared focus to expand opportunities in financial services through advanced blockchain technology,” said David Markley, Business Solutions at Algorand. “We are excited BridgeTower will be leveraging Algorand to allow investors to become shareholders in their tokenized private equity firm and admire their leadership in tokenized security offerings.”

Today, nearly 1 million transactions per day are posted on Algorand’s blockchain. In addition, over 4.5 million assets have been issued on chain and more than 500 companies are currently developing applications on Algorand, taking advantage of the unique layer-1 smart contracts and the other functionalities enriching the platform.

This past month BridgeTower also announced it has formed a Zurich-based entity to further expand its current products and partnerships.

ABOUT BRIDGETOWER CAPITAL – BridgeTower Capital is a global tokenized Private Equity firm with a traditional operational business mentality of building strong revenue and EBITDA growth. BridgeTower shareholders have access to opportunities in decentralized finance (DeFi) built on blockchain technology. In addition, BridgeTower’s private equity investments in early to mid-stage growth companies provides financial, operational, talent acquisition and marketing support. For more information, visit https://www.bridgetowercapital.com/

ABOUT ALGORAND – Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for decentralized finance (DeFi), financial institutions, and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next-generation financial products, protocols and exchange of value. For more information, visit www.algorand.com

Disclaimer

This is not an offer to sale or purchase securities in BridgeTower. Any securities offered by BridgeTower are offered pursuant to a Confidential Private Placement Memorandum to accredited investors only in accordance with an exemption from registration provided by Rule 506(c) of Regulation D of the Securities Act. BridgeTower is not under any obligation to make an offering. Any indications of interest in BridgeTower involves no obligation or commitment of any kind. Past performance is not indicative of future success. Statements about the expected timing, and all other statements in this press release, other than historical facts, constitute forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date hereof and are based on current expectation and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those projected. A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments that may or may not materialize. This press release speaks only as of its date, and except as required by law, we disclaim any duty to update.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

BridgeTower Contact:
Todd Wolfenbarger / todd@summitslc.com

Chairman and CEO:
Cory Pugh / cory@bridgetowercapital.com

Algorand Contact:
Keli Callaghan / keli@algorand.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Halliburton and TGS Collaborate to Advance Seismic Reservoir Monitoring18.5.2021 14:00:00 EEST | Press release

Halliburton Company (NYSE: HAL) and TGS-NOPEC Geophysical ASA (OSLO:TGS) today announced a collaboration to bring advanced seismic imaging to fiber optic sensing. The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage. The Halliburton FiberVSP™ and Odassea™ distributed acoustic sensing solutions will now incorporate TGS’s seismic imaging workflows that process the entire seismic wavefield to generate high-resolution reservoir images. “We are excited to transform vertical seismic profiling to a full-field, digital, and intervention-less surveillance solution,” said Trey Clark, vice president of Wireline and Perforating. “Through our collaboration with TGS, we can now enable real-time monitoring of production across an entire field, allowing our customers to make better decisions and increase ultimate recovery.” “This solution enables enhanced reservoir understanding for our customers with a lower tota

Hewlett Packard Enterprise Launches Gaia-X Solutions to Accelerate Data Value Creation18.5.2021 14:00:00 EEST | Press release

Hewlett Packard Enterprise (NYSE: HPE) today announced solutions to help organizations advance data monetization by tapping into Gaia-X, an emerging federated data infrastructure supported by more than 300 organizations in Europe and globally. The HPE Solution Framework for Gaia-X was designed for companies, service providers and public organizations that want to get ready to participate in Gaia-X. It supports virtually all capabilities that are required to both provide and consume data and services in a decentralized, federated environment. As a result, organizations can advance their ability to create value from data, tap into huge distributed data pools, and strengthen their sovereignty over their data-driven business model. The framework is based on a reference architecture, leveraging key components of HPE’s software portfolio, third-party software, and the Cloud28+ business platform, a marketplace for the monetization of data and services. Individual solution components and entir

SoftServe Achieves AWS Machine Learning Competency18.5.2021 14:00:00 EEST | Press release

SoftServe, a leading digital authority and consulting company and an Amazon Web Services (AWS) Premier Consulting Partner, has achieved the AWS Machine Learning Competency. AWS Machine Learning Competency Partners have demonstrated expertise in delivering machine learning (ML) solutions on the AWS Cloud. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210518005007/en/ “SoftServe has proven expertise in helping organizations solve their most pressing AI challenges including data engineering, machine learning, and production deployment for inference at scale,” said Todd Lenox, VP, Global Alliances and Partnerships at SoftServe. “The AWS Machine Learning Competency designation shows we are an AWS partner that has the services and technologies which create intelligent solutions by enabling data science workflows and enhancing applications with machine intelligence.” Achieving the AWS Machine Learning Competency differentiates Sof

Q3, FY 2021 Results: Mytheresa Reports Exceptional Net Sales Growth of 47.5% in Q3, FY 2021 Benefiting From the Accelerated Shift in Consumer Behavior Towards Digital and Increases Full Year Guidance18.5.2021 13:00:00 EEST | Press release

MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the “Company”), the parent company of Mytheresa Group GmbH, today announced financial results for its third quarter of FY 2021 ended March 31, 2021. The luxury online fashion business continued to benefit from the shift in consumer shopping behavior towards digital offerings, which shaped the strong results of the third quarter. Even taking into account the lower comparables of Q3 in FY2020 the accelerated growth is evidenced by the two-year growth rate of 66% versus the two-year growth rate of 60% for the second quarter of FY 2021. Michael Kliger, Chief Executive Officer of Mytheresa, said: “In the third quarter, our company was even able to accelerate our growth. This was largely driven by the continuous shift of consumer behavior towards digital and multi-brand offerings. We had a new record in first-time buyers in the quarter and our recently acquired customer cohorts show higher re-purchase rates than before. Additionally, w

Samsung Unveils New Power Management Solutions for DDR5 Modules18.5.2021 11:27:00 EEST | Press release

Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, today announced the industry’s first integrated power management ICs (PMICs) — S2FPD01, S2FPD02 and S2FPC01, for the fifth-generation double data rate (DDR5) dual in-line memory module (DIMM). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210518005479/en/ Samsung Unveils New Power Management Solutions for DDR5 Modules (Photo: Business Wire) One major design improvement to the newest generation DRAM solution involves integrating the PMIC into the memory module — previous generations placed the PMIC on the motherboard — offering increased compatibility and signal integrity, and providing a more reliable and sustained performance. For improved performance efficiency and load-transient responses, Samsung’s new PMICs for DDR5 modules have been equipped with a high-efficiency hybrid gate driver and a proprietary control design (asynchronous-based

The Council of the Hong Kong Laureate Forum Announced Deferment of Its Inaugural Hong Kong Laureate Forum to November 202218.5.2021 11:01:00 EEST | Press release

Given the prevailing situation of the COVID-19 pandemic, the progress of global and local vaccinations, as well as the global position on safe travel, the Board of the Council of the Hong Kong Laureate Forum Limited (the HKLF) has decided after careful consideration that the inaugural Hong Kong Laureate Forum (the Forum), originally scheduled to be held on 15-20 November 2021, would be deferred for one year to November 2022. Importance of going face-to-face The Board of the HKLF came to the view that the Forum should ideally be conducted in face-to-face mode given that the main aim of the Forum is to inspire young scientists by providing a platform of direct exchange amongst participating Shaw Laureates and young scientists. However, with the current situation of the pandemic, it is uncertain that safe and unrestricted international travel could be resumed in time for in-person meeting. Professor Timothy W. TONG, BBS, JP, Chairman of the HKLF, is confident about delivering a successful

Virtuozzo Reveals New Hybrid Cloud Solution, Designed Specifically for Managed and Cloud Service Providers18.5.2021 11:00:00 EEST | Press release

Virtuozzo, a global leader in high-efficiency virtualization and hyperconverged software solutions, has announced the availability of its newest product, Virtuozzo Hybrid Cloud. The solution enables Managed Service Providers (MSPs) and Cloud Service Providers (CSP) to design, build and sell modern cloud services to customers quickly and more cost-effectively than traditional hyperscalers. The cloud infrastructure market continues to experience strong growth as businesses become increasingly more dependent on cloud-based resources. This evolution presents an opportunity for service providers to carve out an alternative to the often complex and expensive traditional cloud providers. According to Liam Eagle, Research Director, 451 Research, a part of S&P Global Market Intelligence, “As the breadth of organizations seeking cloud solutions continues to grow, a gap in the skills necessary to navigate the complexities of the most advanced cloud platforms is a common limitation. This presents

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom