A proof of stake (PoS) Blockchain Company, called Algorand, is aiming to compete with Blockchain giant Ethereum. Developed by the Algorand Foundation, this Blockchain serves to provide a scalable and faster system for Decentralized Finance (DeFi) protocols and decentralized applications.
Algorand Receives Huge Funding
Algorand’s native token ALGO is experiencing a dramatic rise in market value. This rise is largely due to the news that Anthony Scaramucci from Skybridge Capital is investing in the firm using hedge funds. The fund currently holds $700 million of ALGO tokens. It is even planning to raise $100 million more for ETF (Exchange Traded Fund) related to Algorand.
Scaramucci was fired as the Trump Administrations Communications Director in 2017. He returned to Wall Street as a hedge fund manager. Cryptocurrency is not going anywhere, according to Scaramucci. In fact, the government should put in efforts for nationwide cryptocurrency adoption. Scaramucci also believes that Algorand will become the backbone of companies’ Blockchain and cryptocurrency needs.
Helping the Nation of El Salvador
El Salvador became the first nation in the world to accept Bitcoin as legal tender. The Salvadorian government has signed an agreement with Koibanx, Latin America’s leading asset tokenization and Blockchain Infrastructure Company. Koibanx uses the Algorand Blockchain technology to function.
Algorand technology will assist the government of El Salvador with myriad issues. It will act as the tracking system to monitor COVD-19 cases in the country. Algorand will also develop a point of sale credit issuance system and many financing platforms for smart contracts