Algorand Joins Wall Street Blockchain Association to Enhance Tech Value in Financial Markets

2020-4-25 16:19

Algorand is now a corporate member of the Wall Street Blockchain Association (WSBA) following an announcement on April 23, 2020. The proof-of-stake blockchain solutions provider will join other finance and tech-oriented firms under this association as they look to leverage the ecosystem resources.

According to WSBA’s welcoming announcement, Algorand’s participation in the alliance will also add value to the non-profit trade association. This is because of its underlying blockchain value as FinTech stakeholders take a deep dive into solutions for borderless economies. Ron Quantara, the WSBA chairman, echoed that they are happy to have Algorand as a new member,

“We are privileged to have the Algorand team join our organization and work with us and our global members to further the shared mission of promoting comprehensive adoption of blockchain technology across global markets.”

Algorand, on the other hand, is set to enjoy the strong networks within the WSBA which might come in handy given the platform’s promising outlook. Founded by Silvio Micali, a Turing Award winner and well-known computer scientist, Algorand has achieved several milestones with the WSBA as its latest. The company’s COO, Sean Ford, further expressed confidence in their ability to contribute to the association’s growth,

“With recent accelerated adoption across open finance, traditional finance, and central bank digital currency initiatives, Algorand is well-positioned to bring a fresh perspective to alliance members. I look forward to our participation with this prominent group.”

Algorand’s Recent Milestones

This blockchain platform has been gradually gaining market share owing to its value proposition. Some of its prominent features include a scalable Layer-1 for businesses looking to use smart contracts. They also pioneered a co-chain architecture which essentially allows its users to enjoy both private and permissionless blockchain features.

Notably, the Algorand foundation is determined to incentivize growth within its blockchain network. As a result, they have launched a grant program close to $250 million in ALGO tokens for stakeholders such as developers and educators committed to its network growth.

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