- The two organizations will also work together in promoting blockchain and its applicability in everyday life.
- Algorand blockchain continues to expand its market presence as it takes a deep dive into the rapidly emerging DeFi space.
The Algorand Foundation is taking key measures in expanding its market presence. On Monday, November 15, the Algorand Foundation entered into a strategic partnership with the Singapore Blockchain Association.
The partnership also seeks to drive the development of blockchain technology in Singapore and also in the Southeast Asia region. The two organizations will also work together in promoting blockchain and its applicability in everyday life. Speaking of the development, Jason Lee, chief operating officer of the Algorand Foundation said:
Our aim is to foster good practices, nurture talent in new markets and work closely with the ecosystem as a whole, be it through our grants, accelerator, or educational programs. We believe that blockchain technology is the future, and we are wholly dedicated in our pursuit to aid its advancement in whichever way we can.
The open-source blockchain Algorand has recently shot to fame while supporting a wide range of applications. The Algorand blockchain implements the “pure proof of stake” algorithm invented by its founder Silvio Micali.
ALGO, the native cryptocurrency of the Algorand blockchain comes among the top twenty cryptocurrency assets with a market cap of $10.55 billion. As per its website, the Algorand blockchain has more than 500 ecosystem partners as of now.
The growth of Algorand and its rising acceptability
As Algorand continues to develop its blockchain infrastructure, its market acceptability is also growing simultaneously. The Algorand blockchain has been swiftly expanding its use cases in the growing markets of decentralized finance (DeFi) and non-fungible tokens (NFTs). As per data on DeFi Llama, Algorand has more than $89 million in total value locked (TVL) across all DeFi protocols.
Related: Altcoin watch: Quant and Algorand top the charts as Cardano and BNB lead consolidation for major altcoins
Back in September 2021, Algorand announced a $300 million DeFi fund to support DeFi innovation on its platform. Back then, Sean Lee, CEO of the Algorand Foundation said:
The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem. Creating the right infrastructure, application ecosystem and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy efficient, scalable and low cost DeFi ecosystem.
Apart from just DeFi, the Algorand blockchain will also cater towards building other decentralized applications (DApps). This will further help ALGO to cement its market position while expanding its market presence.
Algorand’s native cryptocurrency ALGO has also been one of the top-performing altcoins this year in 2021. The ALGO cryptocurrency is currently trading at 400 percent gains year-to-date. If Algorand continues with its strong development, it can possibly enter the top-fifteen crypto-list in the coming months.