Algorand and BridgeTower Capital Announce Strategic Partnership
15.4.2021 23:14:00 EEST | Business Wire | Press release
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.
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Contact information
BridgeTower Contact:
Todd Wolfenbarger / todd@summitslc.com
Chairman and CEO:
Cory Pugh / cory@bridgetowercapital.com
Algorand Contact:
Keli Callaghan / keli@algorand.com
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