Archax today announced that it has partnered with leading blockchain provider Algorand to work on new innovative smart financial products that will trade on its FCA regulated exchange.
Archax – which last week became the first firm to receive FCA authorisation as a digital securities exchange, VASP, brokerage and custodian – is looking to create a range of bespoke regulated financial products to sit alongside its pipeline of more regular digital security issuances, such as equity, fund and debt instruments.
Algorand, a platform dedicated to removing friction from financial markets, recently upgraded its suite of scalable smart contracts to power DeFi and DApp evolution by enabling the seamless creation and exchange of value.
https://twitter.com/ArchaxEx/status/1298953568167362561
Graham Rodford, CEO of Archax, comments: “We are a blockchain agnostic marketplace, but keen to work with leading providers to deliver the next wave of ground-breaking regulated financial products. Algorand fits that bill perfectly, and we are now working with them on a number of challenger products – such as smart stablecoins and liquid alternative instruments, as well as those which will revolutionise the lending/borrowing/staking space.”
“With their ability to leverage technology that is purpose-built for DeFi, we believe that Archax will be one of the leading digital asset venues in the world”, said W. Sean Ford, COO of Algorand. "By bringing together Algorand's proven performance, along with Archax’s unique regulated status and institutional experience, we are looking forward to delivering powerful products that will revolutionise the way global financial markets traditionally operate in a new, frictionless economy.”
Algorand is a next-generation blockchain that delivers industry-leading performance coupled with cost effectiveness. Unlike first-generation blockchains, the Algorand platform was designed from the ground up to power complex applications that require speed, scale, finality and security, while being cost-effective and precise.
“With Algorand we have another of the most forward-thinking blockchain providers around involved with our business”, adds Rodford. “The DeFi space is nascent and growing incredibly fast, but there are a number of areas that need to be solved to make it institutionally friendly. It is testament to our progress and achievements that Algorand are now partnering with us to help do just that. The projects that we are undertaking together will help bridge the perceived gaps between the centralised and decentralised finance worlds.”
Source: Archax
