Archax and Algorand have come together to see how to connect decentralized and centralized finance.
Archax is a digital security exchange while Algorand is a DeFi protocol. Together, they will be creating tools to reduce the difference between ddecentralized finance and centralize finance.
They will both be working on some of the latest financial products such as stablecoins, mutual funds, and exchange-traded funds (ETFs), which were developed to increase variety for investors.
Algorand’s role in the partnership is to create the products with its recently upgraded capacity for DeFi and DApp products while Archax will put them up for trading having gotten a license from the FCA of U.K.
The CEO of Archax, Graham Rodford said yesterday that this partnership is necessary to make more people identify with the institution:
“We are a blockchain agnostic marketplace, but keen to work with leading providers to deliver the next wave of ground-breaking regulated financial products.”
“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.”
Algorand did not start its move into decentralization today. In fact, it states that it was the first proof-of-stake blockchain to exist. ALGO isn’t doing badly nowadays especially after its listing on Coinbase. Its market cap was at its best since inception on August 13 when it hit $560 million.