The popular smart contract altcoin project is seeing a 50% price increase after announcing its partnership with the artificial intelligence firm. The price of decentralized blockchain network Algorand (ALGO) soared after the announcement of a new strategic partnership with an AI-powered real estate firm. Details cryptocoin.com‘in.
Altcoin price jumps
The Algorand Foundation said in a press release that it is joining forces with Lofty AI to create a market for tokenized real estate investments. According to the announcement:
Lofty AI enables people to invest in a small fraction of investment properties for as little as $50 through the Algorand blockchain… Every property has been reviewed by the Lofty AI proprietary AI algorithm and their on-site purchasing teams. Lofty AI tokens are 100% liquid and can be sold at any time without any fees or penalties. Investors receive daily rental income from the first day they invest, and tokens increase in value monthly as properties are valued.
Addie Wagenknecht, chief executive of Algorand, thinks the alliance represents a use case for what the future of finance could look like. Wagenknecth says:
Algorand is a blockchain designed for the next generation of economic exchange. It offers Lofty AI the opportunity to create a highly scalable, tokenized real estate market on a chain that is guaranteed not to fork while enjoying extremely low transaction fees.
ALGO jumped from $1.60 on November 17 to $2.42 on November 18. Bounced by the news of the partnership, ALGO later regressed a bit. At the time of writing, Algorand was trading around $1.86.
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