Algorand expands blockchain use in Singapore according to partnership
Algorand expands blockchain use in Singapore according to partnership
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- The two organizations will also work together to promote the blockchain and its applicability in everyday life.
- The Algorand Blockchain further expands its market presence while diving deep into the rapidly emerging defi area.
The Algorand Foundation takes important measures to expand its market presence. On Monday, November 15th, the Algorand Foundation received a strategic partnership with the Singapore Blockchain Association.
The partnership should also promote the development of blockchain technology in Singapore and also in the Southeast Asia region. The two organizations will also work together to promote blockchain and its applicability in everyday life. Speaking of development, Jason Lee, Chief Operating Officer of the Algorand Foundation called :
Our goal is to promote proven procedures, to promote talents in new markets and to work closely with the entire ecosystem, be it through our scholarships, accelerators or educational programs. We believe that blockchain technology is the future and we are fully striving to support their further development in every conceivable way.
The open source blockchain Algorand has recently become famous and at the same time supports a variety of applications. The Algorand Blockchain implements the "Pure Proof of Stake" algorithm.
invented by its founder Silvio MicaliAlgo, the native cryptocurrency of the Algorand blockchain, is one of the top 20 cryptocurrency systems with a market capitalization of $ 10.55 billion. According to its website, the Algorand Blockchain currently has more than 500 ecosystem partners.
The growth of Algorand and its increasing acceptance
While Algorand continues to develop its blockchain infrastructure, its market acceptance is also growing. The Algorand Blockchain quickly expanded its use cases in the growing markets of decentralized financing (Defi) and the non-fungal token (NFTS). Like Pro Data on Defi Llama Algorand has a total value (TVL) of more than 89 million US dollar.
related : Altcoin Watch: Quant and Algorand lead the charts, since Cardano and BNB list the consolidation of the large old coins
Algorand already announced a defi fund of $ 300 million in September 2021 to support defect innovation on its platform. Back then, Sean Lee , CEO of the algorand foundation called :
The Algorand Foundation is pleased to start this financing program in order to accelerate the introduction of Defi in the entire Algorand ecosystem. The creation of the right infrastructure, the application ecosystem and the liquidity will be the key to ensure that Defi on Algorand is considered the most energy-efficient, scalable and cost-effective defi ecosystem.
Apart from Defi, the Algorand blockchain will also ensure the establishment of other decentralized applications (DAPPS). This will help Algo to consolidate their market position and to expand their market presence at the same time.
Algorand's native cryptocurrency Algo was also one of the most powerful old coins this year in 2021. The algo cryptocurrency is currently being traded with an increase of 400 percent since the beginning of the year. If Algorand continues its strong development, it may be included in the top 15 of the crypto list in the coming months.
Source: Crypto-news-flash.com
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