Algorand (ALGO) is a decentralized blockchain network that focuses on building technology that creates a bridge between traditional and decentralized finance. The network aims to solve the blockchain trilemma by achieving security, scalability and decentralization. Algorand’s smart contract architecture is a two-tier blockchain structure that consists of Layer 1 and Layer 2. Layer 1 supports basic transactions and asset creation, while Layer 2 supports complex smart contracts that require more customisation. Both layers work together efficiently to resolve scalability issues.
The Algorand network is built on a low power consumption Pure Proof-of-Stake consensus mechanism intended to reduce carbon emissions. It is regarded as the world’s first blockchain to be fully carbon-negative. Aside from its sustainability commitments, Algorand is also working with various organisations in gaming, art, finance, and sports to accelerate cryptocurrency adoption. FIFA announced a partnership with Algorand earlier this year, with Algorand being the official blockchain platform and blockchain-supported wallet solution for NFT collections, ticketing and merchandise purchases.
The native token ALGO, is used to power the transactions on the blockchain. All ALGO holders are invited to be governors and can vote on proposals regarding ecosystem development. The market cap of ALGO now stands at about $1.2 billion, with over 7 billion ALGO tokens in circulation (as of late December 2022). ALGO’s all-time high (ATH) price peaked at $3.56 in June 2019 and is now trading at about $0.17 (as of late December 2022).
Algorand (ALGO) is available on the Matrixport app; alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), Stablecoins (USDT & USDC), and many more. Users can deposit, withdraw and transfer ALGO on the app.
Matrixport is one of the world’s largest and most trusted digital assets ecosystems providing one-stop crypto financial services to meet the emerging needs of generating long-term wealth in digital assets. It forges strategic collaborations with early-stage Web3 innovators, helping them build, grow and scale and the company’s services include Cactus Custody™, spot OTC, fixed income, structured products (including Dual Currency), lending as well as asset management.
With USD4B in actively managed digital assets, Matrixport achieved a pre-money unicorn valuation in 2021 and was named by CB Insights as the 50 most promising blockchain companies in the world in 2022. Its digital prime brokerage business, Matrixport Institutional, serves 500+ institutions across the US, Europe and Asia, offering best-in-class access, leverage, capital Introduction and custody services. Headquartered in Singapore, Matrixport holds licenses in Hong Kong and Switzerland. For more information, visit: https://www.matrixport.com.
About Algorand (ALGO)
Launched in 2019, Algorand is an open-sourced and decentralized blockchain platform built to accelerate transaction speeds and focus on achieving finality. The blockchain uses a pure proof-of-stake (PPoS) built on Byzantine consensus. The Algorand network has been carbon-negative since 2021 and continues to commit to sustainability.