Legermatic selects Algorand as its blockchain protocol layer as it readies for a digital evolution in treasury management.
23 February, 2021: Ledgermatic, which recently announced it is developing treasury tools to allow enterprise and financial institutions to operate with digital assets and associated payments and workflows, has chosen Algorand as its blockchain protocol partner. Ledgermatic has also received funding from Borderless Capital, a venture capital firm focused on supporting and developing the Algorand ecosystem.
Algorand will form the base protocol layer for Ledgermatic, providing their enterprise clients with on-chain and cross-chain asset movements from its permissioned network to Algorand’s public network. Algorand’s strong suite of Layer1 features, including native ASA assets and atomic-transfers, are uniquely positioned to enable advanced applications. In addition, Algorand is developing co-chain functionality, a mechanism that connects permissioned networks to the public MainNet network, which will be instrumental in meeting the complex requirements of enterprise use cases that are sensitive to privacy and transactional costs.
The increasing adoption of digital assets represents a permanent shift in the nature of finance. As business activity conducted in digital assets becomes mainstream, enterprise finance teams are under pressure to reshape business operations or risk getting left behind by competitors. Ledgermatic will enable enterprises and institutions to integrate digital assets and ledger-based services into their business operations and existing infrastructure, with the highest levels of security and compliance to regulatory standards.
Isaac Fain, Co-founder and CTO of Ledgermatic, commented: “Algorand’s Layer 1 features, sustainable ESG profile, key management capabilities, and the commercial interest of its ecosystem made it the stand-out choice for our use case. The adoption of their base layer technology forms an important step towards the realisation of our vision of the evolution of corporate treasury.”
David Garcia, CEO and Managing Partner of Borderless Capital added: “We are excited to be supporting Ledgermatic. With the growing trend of digital asset adoption by Corporate Treasuries, Ledgermatic is poised for success. By leveraging native Layer-1 novel features and upcoming support for co-chains on Algorand, Ledgermatic will provide a robust institutional solution for Corporates and Enterprises to navigate the new world of digital assets.”
