The Algorand Foundation is giving away $43 million worth of ALGO in the form of grants.

The grant is intended to bolster the development of the Algorand blockchain.

Bloq, PureStake AlgoSigner and Reach are the first three recipients of the grant.

The Algorand Foundation has announced a 250 million ALGO (around $43 million) grants program on April 14 to fuel development on its blockchain. According to Cointelegraph, Fangfang Chen, the Algorand Foundation’s head of operations, said that the funds will be allocated to “qualified investors across four major categories: innovative research, development tools for the Algorand blockchain, use cases for decentralized applications (Dapps) [...], and education and community initiatives.” The distribution of the 250 million ALGO will be “open-ended.” The program is slated to distribute funds according to “the quality and quantity of submissions.”

Chen highlighted that the grant aims to accomplish the Algorand Foundation’s vision of a “borderless economy:”

In this vision, we see a global economy that is able to function in a frictionless way, enabling everybody to participate in the global economy, no matter where they are based. The goal of the 250M ALGO Grants Program is to encourage innovation and learning that achieves this vision of a borderless economy.

To achieve the borderless economy, Chen cited some examples of projects that the Foundation is looking to contribute to. These include decentralized finance (DeFi) protocols, social media integration, digital identity, supply chain management and asset tokenization. He added:

In addition, we will also look to support innovation around infrastructure and middleware that further enables and simplifies the creation of end-user applications.

The Foundation also announced its first three grant recipients.

Bloq – A “multi-blockchain infrastructure provider” that delivers Algorand APIs and nodes

PureStake AlgoSigner — An open-source browser plug-in that allows developers to integrate ALGO payments into their applications without compromising users’ private keys

Reach — A development platform designed to simplify dApp development.

Derek Yoo, PureStake Algosigner’s CEO, stated: