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…