Instimatch Global, a Swiss digital platform for institutional short-term money market trading, and Algorand, a Boston-based proof-of-stake (PoS) blockchain that supports smart contracts, are collaborating to disrupt the regulated payment networks with advanced solutions powered by blockchain.
Instimatch Global aims to revamp the way money markets operate which is primarily by phone and broker-based means. Instimatch said its platform’s global network offers a more effective workflow, better pricing and the potential to diversify counterparty risk by linking borrowers with lenders digitally.
Algorand’s blockchain technology will complement Instimatch, to add a spectrum of new features and offerings focused on payments, Islamic banking and regtech.
Borrowing, lending and FX continue to grow and, with the implementation of advanced blockchain, can be more efficient and effective as the backbone of global economies.
“We are extremely pleased we’ve entered into this strategic partnership with Algorand, which enables us to leverage their blockchain technology and enhance our offering even further for our customers. The wide scope of this collaboration, which includes payments, Islamic banking and regtech, will surely bring important progress in this space. We are confident of the success of the partnership as both Instimatch and Algorand embrace the vision of decentralised and frictionless finance.”
commented Daniel Sandmeier, CEO at Instimatch.
“Instimatch and Algorand have a shared vision of what is required for advanced money market systems and FX that is more efficient and frictionless than today’s offerings. We are truly excited by Instimatch’s initiative to build a bridge between new defi offerings and traditional financial applications.”
said W. Sean Ford, COO of Algorand.