Algorand [ALGO] Partners With Archax to Develop New Decentralized Financial Products

Archax received an FCA license last week and is now announcing a new partnership with Algorand to provide new smart financial products. The new regulation license for Archax has made them increase efforts to offer financial products. They can now leverage the new partnership with Algorand to widen their customer base.

Algorand recently added new services and features to its blockchain ecosystem that provides capabilities like smart contracts. Smart contracts are essential components for DeFi products, and Archax can now use them to develop a new family of regulated financial services.

Archax has always been focused on traditional financial markets. But they now want to provide more smart products to attract new customers. Graham Rodford, CEO of Archax, said about the new partnership:

“We are a blockchain agnostic marketplace, but keen to work with leading providers to deliver the next wave of ground-breaking regulated financial products. Algorand fits that bill perfectly, and we are now working with them on a number of challenger products – such as smart stablecoins and liquid alternative instruments, as well as those which will revolutionise the lending/borrowing/staking space.”

Smart contract capabilities for a digital securities exchange like Archax means more secure financial services. They can leverage their regulated status as a competitive advantage to attract even traditional businesses. Regulated activity means more mainstream users will be tempted to blockchain-based products. After all, it is an excellent point for the overall industry to target more real-world use-cases.

Algorand execs believe the new partnership with Archax can be beneficial for both traditional and modern customers. Their system focuses on faster, more scalable, and more secure blockchain features than the first-generation networks.

“With their ability to leverage technology that is purpose-built for DeFi, we believe that Archax will be one of the leading digital asset venues in the world,” said W. Sean Ford, COO of Algorand. “By bringing together Algorand’s proven performance, along with Archax’s unique regulated status and institutional experience, we are looking forward to delivering powerful products that will revolutionise the way global financial markets traditionally operate in a new, frictionless economy.”

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