Evrynet Joins FDCI And Integrates SPEEDEX Into Its DEX DApp

  • Evrynet announced it will join the Stanford Future of Digital Currency Initiative (FDCI).
  • Evrynet incorporates the SPEEDEX technology into the upcoming Evry.Finance DApp.

An intelligent financial services platform Evrynet announced it would join the Stanford Future of Digital Currency Initiative (FDCI) as the last member to help develop universal digital currency APIs.

The platform that aims to provide features friendly to institutional inventors to participate in DeFi joins the list of existing members like Algorand Foundation, Celo, Polkadot, Ripple, IBM, and the Stellar Development Foundation.

In a press release, the team says that the objective of this move is to collaborate with Stanford’s FDCI and incorporate the SPEEDEX technology into the upcoming Evry.Finance decentralized exchange DApp — the first DApp developed by Evrynet.

According to the press release, the DEX will improve its transaction speed and achieve a general throughput of up to 100,000 transactions per second via SPEEDEX.

Furthermore, Evrynet appointed Muharem Hrnjadovic, the former Chief Technology Officer (CTO) of Monetas and Sygnum AG as its new CTO. Together with Sam Wong, technical lead, and advisory board member Geoff Ramsayer, Evrynet notes that it will enter its next phase of development and traction. Note that both Sam and Geoff have worked closely with Professor David Mazieres on developing the SPEEDEX technology.

Driving deeper, Professor David Mazieres expressed his thoughts about the news as follows:

The Stanford Future of Digital Currency Initiative (FDCI) is working to ensure digital currency APIs are open to innovation and can benefit the greatest number of people. A key part of this is enabling everyone to participate in the global economy on equal footing, regardless of their native currency.

Adding to this, Mazieres emphasizes “SPEEDEX takes a giant step in this direction by providing fast, fair, and economically efficient asset exchange at layer-1 in decentralized blockchains. We are delighted that Evrynet has embraced this technology and will be deploying it in a production setting.”

Evrynet continues to attract the attention of people within the blockchain space. Earlier this year, Evrynet raised $7 million in private funding to develop its DeFi application for institutional investors.