AlgorandArchax

Archax and Algorand to Develop Tools for Institutional DeFi Implementation

Archax digital securities exchange and the Algorand project will develop new products that will become a “bridge” between centralized and decentralized finance (DeFi).

According to management at Archax and Algorand, the organizations will create financial products that facilitate the interaction between DeFi and centralized finance services. We are talking about stablecoins using smart contracts, mutual funds and traded index funds (ETFs), with which investors can also diversify their portfolio. 

Algorand will be engaged in the creation of instruments. Late last year, the project updated its protocol, adding support for scalable smart contracts for decentralized apps and DeFi. This month, Algorand also added stateful smart contracts, fast sync, and session key changes.

Archax will be listing these products on its trading floor. Note that last week the UK Financial Conduct Authority (FCA) issued a multilateral trading platform (MTF), broker and custodian of funds and assets to the exchange. Archax CEO Graham Rodford believes the partnership with Algorand will foster widespread adoption of cryptocurrencies and the development of DeFi at the institutional level.

“Archax is committed to working with leading service providers in the industry as the exchange is committed to creating innovative regulated financial products. The DeFi industry is growing rapidly. However, there are some challenges that still need to be addressed in order for decentralized finance to be in demand among institutions, ”Rodford said.

As a reminder, Algorand announced a partnership with Blockstack a few months ago . Firms have begun development of Clarity, a new programming language for smart contracts designed to enable direct communication between different blockchains.

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