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Crypto project Algorand (ALGO) recently announced on Twitter that it entered into a partnership with a fintech firm Instimatch. The two have a common goal of ’embracing the vision of decentralized and frictionless finance,’ and they aim to pursue it by leveraging the Algorand blockchain to advance settlement and payment solutions.

Instimatch is a platform based in Switzerland. It was created for institutional short-term money market trading. Meanwhile, Algorand is a Proof-of-Stake (PoS) blockchain project which seeks to expand the possibility and use cases for digital currencies.

Algorand typically does this by improving transaction speeds and reducing the time needed for finalizing transactions.

A few days ago, the two managed to come to an agreement and team up to collaborate on advanced solutions for regulated, blockchain-based payment and settlement networks, announcing the partnership on January 7th.

"We are confident of the success of the partnership as both @instimatch and Algorand embrace the vision of #decentralized and frictionless #finance.” – Daniel Sandmeier

Read more about our recent news with Instimatch, an award-winning #fintech platform: https://t.co/EoEwC4oeKk

From what is known, Algorand’s blockchain tech is compatible with Instimatch in a way where the two will complement each other. Algorand can help empower Instimatch and allow it to add a number of additional offerings and features, all focused on things like RegTech, payments, and Islamic banking.

Instimatch’s CEO, Daniel Sandmeier, commented on the move by saying that the company is extremely pleased to enter the partnership. According to him, the plan is to leverage Algorand’s blockchain to enhance Instimatch’s own offering and further the possibilities for its customers.

The collaboration’s wide scope is expected to bring great progress in the space, as Sandmeier added.

Algorand’s price responded positively to the news, as well. On January 7th, when the announcement was made, the ALGO price reached $0.52, which is a considerable boost from $0.32 which it had on December 31st.

The post Fintech platform Instimatch and Algorand (ALGO) partner up appeared first on Invezz.

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