UK Digital Security Exchange Archax Partners With Algorand on DeFi projects
Archax, digital security exchange, and Algorand, DeFi covenant, have entered into collaboration to develop a series of products to fill the gap between decentralized and centralized finance.
Archax and Algorand will work in unison to rollout “innovative smart financial products” including stable coins utilizing smart contracts and liquid substitutes such as mutual funds or exchange traded funds (ETFs) that intend to facilitate portfolio diversification to investors.
Of late, Algorand amended its smart contracts, which are scalable, to be compatible with DApp and DeFi offerings, and stated that it will develop products and list on Archax, one of the foremost exchanges to receive an operational license from the UK’s FCA.
Archax CEO Graham Rodford stated that the collaboration would be one among several others that assist in realizing institutional adoption.
Rodford underlined that Archax platform does not differentiate between various blockchains. He said:
“We are a blockchain agnostic marketplace, but keen to work with leading providers to deliver the next wave of ground-breaking regulated financial products.”
Regarding DeFi, Rodford opined as follows: “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.”
Algorand has been implementing its decentralization strategy for a while and asserts to be the initial proof-of-stake blockchain. In July ALGO recorded a 30% rise following its listing on crypto exchange Coinbase platform. Furthermore, it hit a record high market cap of about $560 million on August 13.