Investment firm Borderless Capital has closed a $10 million fund for mining and staking HNT, the native token of The People's Network, which is built on the Helium blockchain.

HNT.Fund's wants to create a "Wrapped HNT" on the Algorand blockchain to enable HNT use in decentralized finance (DeFi) and centralized finance (CeFi) applications, according to an emailed announcement Wednesday.Helium uses blockchains and tokens to incentivize consumers and businesses to run commercial telecommunications hubs that support the ecosystem in what is called a "proof-of-coverage" model.It announced the launch of a 5G version of its network in April.HNT.Fund is the first non-Algorand fund that Borderless Capital has been involved in. Participants in the fund included Adam Bain, the former chief operating officer of Twitter, and Sandeep Nailwal, the co-founder of the Polygon protocol.