Bitcoin, Ethereum and Solana are familiar names in blockchain, but developers are turning to other options as well. Here’s an inside look at C3, a decentralized finance protocol built on the Algorand blockchain.
Founders: Pablo Yabo and Michel Dahdah
Money Raised: $3.6 million at a $20 million valuation
Investors: Arrington XRP Capital, Jump Capital, ParaFi Capital, Borderless Capital and Digital Currency Group, among others
C3 founders Pablo Yabo and Michel Dahdah met at a bitcoin conference in Colombia, but later grew fascinated with the Algorand blockchain after meeting its founder, MIT Professor Silvio Micali, in 2018. They were struck by Algorand’s speed: the blockchain can currently handle 1,200 transactions per second, compared to the Ethereum blockchain’s 15. The two founders also felt that Algorand was more decentralized than competing blockchains like Solana.