The two organizations will work together to promote Blockchain and its applicability in everyday life. cryptocoin.com As we reported, altcoin project Algorand (ALGO) continues to expand its market presence by taking a deep dive into the rapidly evolving field of DeFi.
Strategic partnership with Algorand Foundation and Singapore Blockchain Association
The Algorand Foundation is taking key measures to expand its market presence. On Monday, November 15, the Algorand Foundation entered into a strategic partnership with the Singapore Blockchain Association. The partnership also aims to drive the development of Blockchain technology in Singapore as well as the Southeast Asian region. The two organizations will also work together to promote Blockchain and its applicability in everyday life. Speaking of the development, Jason Lee, chief operating officer of the Algorand Foundation, explained:
Our aim is to promote good practice, nurture talent in new markets, and work closely with the ecosystem as a whole through our grants, accelerators or training programmes. We believe that the future is Blockchain technology and we are fully committed to helping it move forward in any way we can.
Open-source altcoin project Algorand has recently gained notoriety for supporting a wide variety of applications. Algorand Blockchain implements the “pure proof of stake” algorithm invented by its founder, Silvio Micali. ALGO, the native cryptocurrency of Algorand Blockchain, is among the top twenty cryptocurrencies with a market cap of $10.55 billion. According to its website, Algorand Blockchain currently has more than 500 ecosystem partners.
Growth and increased adoption of the altcoin project
As Algorand continues to improve its infrastructure, its market acceptability is also increasing. Algorand is rapidly expanding its use cases in the growing decentralized finance (DeFi) and Non Fungible Token (NFT) markets. In accordance with the data Défi Lama, Algorand has all Défi protocols (TVL) locked, with a total value of more than 89 million dollars.
In September 2021, Algorand announced a $300 million DeFi fund to support DeFi innovation on its platform. Sean Lee, CEO of the Algorand Foundation at the time, said:
The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi in the Algorand Ecosystem. Building the right infrastructure, application ecosystem and liquidity will be key to ensuring DeFi at Algorand is recognized as the world’s most energy efficient, scalable and cost-effective DeFi ecosystem.
Apart from just DeFi, Algorand will also serve for the creation of other decentralized applications (DApps). According to crypto analyst Bhushan Akolkar, this will help the altcoin project to strengthen its position in the market while expanding its market presence.
ALGO has been one of the best performing altcoin projects in 2021. ALGO is currently trading with 400% gains year-to-date. According to the analyst, if the altcoin continues its strong development, it could possibly enter the top fifteen crypto lists in the coming months.
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