Instimatch Global, a digital platform for transactions in short-term institutional capital markets, announced on Thursday it has joined forces with blockchain trading platform Algorand to advance its settlement and institutional payment solutions. Instimatch reported that Algorand’s blockchain technology will complement its technology, as well as add many new features and offerings focused on payments, Islamic banking, and regulatory technologies (RegTech).
“Borrowing, lending, and foreign exchange markets continue to grow, and with the implementation of advanced blockchain, they can be more efficient and effective as pillars of global economies. Instimatch is more than ever able to realize huge efficiencies for its clients who currently process hundreds of billions of dollars in transactions every quarter.”
Speaking about the collaboration, Daniel Sandmeier, President and CEO of Instimatch, stated:
“With [the partnership], we will be able to leverage the company’s blockchain technology and further improve our offering for our customers. The broad scope of this collaboration, which includes payments, Islamic banking and RegTech, will certainly bring significant progress in this space. We believe in the success of this partnership, because Instimatch and Algorand share the vision of decentralized and fluid financing.”
Algorand COO, W. Sean Ford, added:
“Instimatch and Algorand have a common vision of what is needed to create money market systems and foreign exchange transactions that are more efficient and fluid than current offering. We are really excited about Instimatch’s initiative to bridge the gap between new service offerings in decentralized finance and traditional financial applications.”