September 29, 2022

Acala Parachain Launches $250M Fund to Promote Its Stablecoin

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The Acala parachain project, operating in the Polkadot ecosystem, announced the launch of the $250 million aUSD Ecosystem Fund. It is designed to stimulate the use of the Acala USD (aUSD) stablecoin.

Various industry companies are participating in the initiative, including Alameda Research, Arrington Capital, Digital Currency Group, IOSG, Jump Crypto, Kraken Ventures, and Pantera Capital.

The Acala Foundation will provide grants to early-stage projects in the Polkadot ecosystem that work in areas such as decentralized finance, derivatives, payments, and DAOs and use the aUSD token.

Acala is also partnering with other Polkadot parachains – Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel and Zeitgeist – to integrate its stablecoin.

Startup Acala was founded by residents of New Zealand. According to the creators, the Acala USD stablecoin allows you to make assets locked in staking liquid. The token can be issued against the security of various cryptocurrencies, including Polkadot, Kusama, Acala and Karura.

Recall that in February, the Astar platform, running on the Polkadot blockchain, launched the Astar Boost Program fund for $100 million.

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