A new partnership sees the Algorand blockchain being deployed for a large institutional client.
Algorand’s institutional partner
Algorand, a high-speed blockchain that powering secure and efficient frictionless exchange, has onboarded Instimatch Global,a digital platform for institutional short-term money market trading, as per a release shared with CryptoSlate.
Instimatch processes hundreds of billions of dollars in transactions each quarter, it claimed, a majority of which shall pass through the Algorand network now after the new partnership.
The partnership would see the two firms work together to disrupt the regulated payment networks with advanced solutions powered by blockchain technology. They further aim to build out use cases and financial applications that break away from the current financial regime.
— Algorand (@Algorand) January 7, 2021
For the uninitiated, Algorand is an open-source, permissionless, pure proof-of-stake blockchain protocol built for powering decentralized finance (DeFi) and related products. It was founded by Turing Award-winning cryptographer Silvio Micali in 2017, and its ALGO token is a top-100 cryptocurrency with a current market cap of $384 million.
On the other hand, Instimatch Global aims to reinvent the conventional ways in which money markets operate, primarily by phone and broker-based means. The Platform’s global network offers a more effective workflow, better pricing, and the potential to diversify counterparty risk by linking borrowers with lenders digitally.
With Algorand technology, Instimatch will be able to add new features and offerings for existing clients and new users, with a specific focus on payments, Islamic banking and RegTech.
Daniel Sandmeier, CEO at Instimatch, said of the firm’s strategic partnership with Algorand:
“The wide scope of this collaboration, which includes payments, Islamic banking and RegTech, will surely bring important progress in this space.”
He added the firm was confident of the success of the partnership as both Instimatch and Algorand “embrace the vision of decentralized and frictionless finance.”
Sharing the sentiment was Sean Ford, COO of Algorand, who said the two firms have a shared vision of what is required for advanced money market systems and that FX is more efficient and frictionless than today’s offerings.
“We are truly excited by Instimatch’s initiative to build a bridge between new defi offerings and traditional financial applications,” he concluded.