Algorand announced that Instimatch will be leveraging its network across different services to improve and create new blockchain-powered solutions.
It is expected that the collaboration between both companies will boost both of their platforms to expand while also keeping their competitive edge in the financial services industry.
Algorand and Instimatch Working Together
Instimatch, the fintech company founded back in 2017, aims to reinvent how money markets have traditionally operated with phone and broker-based approaches. By using a digital network, the company allows institutional borrowers and lenders to trade and generate income from liquidity.
The company has offices in Zurich, London, and Doha, and counts with over 130 institutional clients across 20 countries, while also winning the Swiss Fintech Awards.
Now, Instimatch joined forces with Algorand, a Boston-based open-source software company working towards building a borderless and free economy by harvesting the power of its blockchain network.
The blockchain network addresses the blockchain trilemma by using a pure Proof-of-Stake (PoS) protocol built on Byzantine consensus that allows open participation, scalability, security, and transaction finality.
By combining Instimatch’s global network, which already offers “effective workflow, better pricing and the potential to diversify counterparty risk”, with Algorand’s cutting-edge blockchain network, it will be possible for the Swiss company to expand its catalog of features and offerings.
Blockchain-powered Financial Tools are on the Rise
2020 was a year full of innovation and growth for the blockchain ecosystem, with Decentralized Finance taking the market and world by storm as users and investors realized its revolutionary potential.
However, while there seems to be a tendency toward the decentralization of financial services, this change will not take place in the short term and for now, a big part of the private interest is on the application of blockchain to already existing financial ecosystems.
Services like borrowing, lending, and Forex are gaining traction by the year, which has resulted in a continued struggle by providers like Instimatch to provide ease of access and efficiency without compromising security.
Blockchain technology addresses these concerns while providing top-notch security for the hundreds of billions of dollars that are processed in transactions each quarter.
Daniel Sandmeier, Instimatch CEO, referred to the partnership by stating:
“We are extremely pleased we’ve entered into this strategic partnership with Algorand, which enables us to leverage their blockchain technology and enhance our offering even further for our customers. The wide scope of this collaboration, which includes payments, Islamic banking, and RegTech, will surely bring important progress in this space. We are confident of the success of the partnership as both Instimatch and Algorand embrace the vision of decentralized and frictionless finance”
Algorand’s CEO, W. Sean Ford, also shared his opinion on how the companies complement each other:
“Instimatch and Algorand have a shared vision of what is required for advanced money market systems and FX that 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.”
Algorand’s Ever-Growing List of Partnerships
Algorand’s partnership with Instimatch is just the latest in a series of partnerships with different companies that have chosen to make Algorand’s its default option to process payments and other financial transactions.
Back on December 23 of 2020, Algorand announced its partnership with 6 companies that would start processing end-to-end digital payments using its platform.
The participants included Planetwatch, Bleumi, Monerium, Circle, and MyAlgoWallet, each of them with a different approach to processing transactions in a frictionless and efficient manner.
Last year, Algorand’s cryptocurrency (ALGO) experienced a growth of about 90%, recently moving above an important resistance when it reached a value of $0.427. The token had struggled when it came to overcoming that resistance since early September of 2020.
Now that a new year is here and Algorand continues adding partnerships to its lists, it will be interesting to see what this new year brings for the network.