Archax & Algorand team up for the development of smart financial offerings
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UK exchange Archax partnered with blockchain provider Algorand in a bid to develop new smart financial products for trading on its FCA regulated exchange. Archax recently received FCA authorisation as a digital securities exchange, VASP, brokerage, and custodian. The company aims to create a range of customised regulated financial products that will go along with its regular digital security issuances, such as equity, fund, and debt instruments.
Graham Rodford, CEO of Archax, commented, “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.”
US-based Algorand’s platform aims to boost complex applications that require speed, scale, finality, and security along with cost-effectiveness. It recently upgraded its suite of scalable smart contracts to power DeFi and DApp evolution by enabling the seamless creation and exchange of value.
“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.”
Rodford added, “The DeFi space is nascent and growing incredibly fast, but there are a number of areas that need to be solved to make it institutionally friendly. It is a testament to our progress and achievements that Algorand are now partnering with us to help do just that.”
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