Blockchain Algorand has announced that its blockchain technology is involved in the development of Italy's Fideiussioni Digitali digital platform, which is used by the Bank of Italy, insurance regulator IVASS and more than 30 other financial institutions:
- The platform will ultimately be launched in 2023, and work on its development has been underway since early 2020;
- A bank guarantee is a financial security offered by lenders who ensure that debtors meet their obligations;
- This will be the first time a European Union member state has used blockchain technology for this type of financial tool guarantee;
- The cooperation with Algorand is the result of a recovery plan under which the EU has provided Italy with some 200 billion euros. Italy, as the country most affected by the covid crisis, received the largest subsidy allocation among the countries that received funds from the EU's recovery plan.
Algorand is a cryptocurrency aimed at implementing a financial revolution primarily in developing countries and Africa. It was created by Massachussets Institute of Technology (MIT) professor Silvio Micali. The cryptocurrency processes transactions faster than most cryptocurrencies, has a limited supply and is based on proof-of-stake technology so that it does not cause environmental damage due to excessive use of the computing power that drives the network.
Algorand, M30 interval. Ever since the news of the Bank of Italy partnership hit the market, we've been seeing a bullish divergence between the price of Bitcoin and Algorand, which is clearly outperforming the major cryptocurrency and beating the average of other projects. The Algorand price is still more than 90% below its historical highs. Source: xStation5