A new partnership sees the Algorand blockchain being deployed for a large corporate client.
Corporate partner of Algorand
Algorand, a high-speed blockchain that powers the secure and efficient broker-free exchange, has incorporated Instimatch Global, a digital platform for corporate short-term money market trading.
Instimatch claimed to handle hundreds of billions of dollars of transactions each quarter, and most of them will pass through the Algorand network after the new partnership.
The partnership will see the two firms working together to disrupt regulated payment networks with advanced solutions powered by blockchain technology. They also aim to create usage scenarios and financial applications that break from the current financial regime.
Algorand is an open source, no-permission, pure proof-of-risk blockchain protocol built to power decentralized finance (DeFi) and related products. Founded in 2017 by Turing Award-winning cryptographer Silvio Micali, the ALGO token is among the top 100 cryptocurrencies with a current market value of $ 384 million.
On the other hand, Instimatch Global aims to rediscover the traditional methods of money markets, primarily through phone and broker-based ways. The platform’s global network offers a more efficient workflow, better pricing, and the potential to diversify counterparty risk by digitally connecting borrowers with lenders.
With Algorand technology, Instimatch will be able to add new features and offers for existing customers and new users, with a special focus on payments, Islamic banking and RegTech.
Instimatch CEO Daniel Sandmeier said about the firm’s strategic partnership with Algorand:
“The broad scope of this cooperation, which includes payments, Islamic banking and RegTech, will certainly bring significant advances in this area.”
He added that both Instimatch and Algorand were confident that the company was sure of the success of the partnership as it “embraces the vision of decentralized and hassle-free finance.”
Sean Ford, COO of Algorand, said the two companies have a common vision of what is required for advanced money market systems, and that FX is more efficient and hassle-free than today’s offerings.
“We are really excited about Instimatch’s attempt to bridge the gap between newly defined offerings and traditional financial practices,” Ford concluded.