The Algorand Foundation, a Singapore-based blockchain organization supporting the development of the Algorand ecosystem, has partnered with the Blockchain Association Singapore to drive the development of blockchain technology in Singapore and the wider Southeast Asia region.
- In a memorandum of understanding signed on Nov. 12, the ecosystem partnership will see the Algorand Foundation and Blockchain Association Singapore collaborate on building awareness of the Algorand protocol, applications and development opportunities.
- Algorand is an open-source, public, blockchain-based network that supports a wide range of applications. The blockchain, which was launched in June 2019, uses a “pure proof of stake” (PPoS) algorithm invented by its founder Silvio Micali, an MIT professor.
- ALGO, the native token of the Algorand blockchain, is currently ranked the 20th-largest cryptocurrency with a market cap of over US$12 billion, according to CoinGecko data. Algorand has over 500 ecosystem partners, according to its website. The price of ALGO reached two-year highs earlier this year following news that Koibanx, a Latin American asset tokenization and blockchain financial infrastructure company, had signed an agreement with El Salvador to develop its blockchain infrastructure on top of Algorand’s technology. Algorand has also been expanding its use cases in decentralized finance (DeFi), non-fungible tokens (NFTs), payments and central bank digital currencies. The blockchain currently has over US$89 million in total value locked in DeFi protocols, according to DeFi Llama.
- “Our aim is to foster good practices, nurture talent in new markets and work closely with the ecosystem as a whole, be it through our grants, accelerator, or educational programs,” said Jason Lee, chief operating officer of the Algorand Foundation. “We believe that blockchain technology is the future, and we are wholly dedicated in our pursuit to aid its advancement in whichever way we can.”
- The global blockchain market is valued at an estimated US$5.3 billion in 2021 and is expected to reach US$34 billion by 2026, according to ResearchAndMarkets.com. Singapore, an emerging blockchain and crypto hub in Asia, has put in place progressive — and strict — regulations in place, as well as a S$12 million (US$9 million) Singapore Blockchain Innovation Program for blockchain technology research to drive commercialization and adoption as well as grow the tech talent pool.
- The Algorand Foundation intends to expand its operations in Singapore and hire for project management and technical development roles.
See related article: Why Algorand’s price is on a two-year high right now