Public decentralized tech platform Algorand eyes a $100 billion use case as it reveals the details of a strategic new partnership with Instimatch.
According to Algorand (ALGO), the partnership with Instimatch is a huge feat and a step in the right direction towards onboarding institutional-grade clients.
The blockchain platform Algorand boasts of a fast blockchain network, as well as its ability to support seamless, safe, and efficient transactions. Instimatch Global, on the other hand, is a digital platform that facilitates short-term trading for institutional clients. According to reports, Instimatch processes transactions worth hundreds of billions of dollars in transactions each quarter. Its recent partnership with Algorand (ALGO) will see a huge portion of these funds pass through the Algorand blockchain.
Both firms look to disrupt global payment ecosystems as we know them, creating new financial applications and use cases that aren’t restricted to current financial regulations. Notably, all these proposed features will also be built on blockchain technology.
Algorand (ALGO), furthermore, confirmed its partnership with Instimatch on Twitter.
"We are confident of the success of the partnership as both @instimatch and Algorand embrace the vision of #decentralized and frictionless #finance.” – Daniel Sandmeier
Read more about our recent news with Instimatch, an award-winning #fintech platform: https://t.co/EoEwC4oeKk
— Algorand (@Algorand) January 7, 2021
Details of the Partnership
The partnership with Algorand will also provide Instimatch with the ability to provide its users with more features.
Speaking on the partnership, Daniel Sandmeier, the CEO of Instimatch, confirmed the main focus of the partnership to be Islamic banking, RegTech, and payments. Also, he added that Instimatch is persuaded of the immense benefits the partnership will spearhead. Both partners, according to reports, are also huge supporters of “the vision of decentralized and frictionless finance.”
The COO of Algorand, Sean Ford, stated his belief in the partnership, adding that his team was elated by the news. Also, he pointed out that Instimatch is looking to connect new DeFi projects to conventional financial dApps. He added that the entire Algorand (ALGO) team was glad to be a part of this initiative.
About Algorand (ALGO) and Instimatch
Algorand, simply put, is a public, permissionless, open-source, PoS blockchain platform. Founded in 2017 by Silvio Micali, the ALGO token currently sits among the top 100 cryptocurrencies.
Instimatch Global, on the other hand, looks to revolutionize conventional money markets and also how they operate. It is a digital platform for trading cash deposits across multiple regions and currencies. It boasts of over 130 institutional clients located across 20 jurisdictions.
In other news, Crypto.com Syndicate added support for ALGO tokens. Also, users can now trade ALGO tokens on Kraken.
Algorand (ALGO) Price
At the time of writing, ALGO token was trading at $0.505362, with a market cap of $405,850,952 and a 24-hour trading volume of $330,289,619.
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