Algorand (ALGO), a distributed ledger technology (DLT) project that claims to be the first pure proof of stake (PoS) blockchain network, has become a corporate member of the Wall Street Blockchain Alliance (WSBA), a non-profit trade association for financial market professionals. The alliance will enable Algorand to support WSBA’s push for broader blockchain and cryptocurrency adoption by traditional financial institutions, according to a press release on April 23, 2020.
Algorand Now a Corporate Member of WSBA
As part of larger plans to promote wider blockchain adoption and accelerate the growth of the innovative technology, Algorand (ALGO) has joined the Wall Street Blockchain Association (WSBA) as a corporate member.
Founded in 2015 by Ron Quaranta, WSBA is a non-profit trade advocacy group for financial market professionals, created by financial market experts. The primary objective of WSBA is to guide and foster the adoption of cryptocurrency and the underlying blockchain technology across global markets.
Algorand (ALGO) Adoption on the Rise
With the addition of Algorand, WSBA now boasts a good number of highly reputed firms including TokenSoft Inc, a project focused on building blockchain infrastructure to automate investment banking of security tokens, Orrick Herrington & Sutcliffe LLP, BPM LLP, and Boomer Consulting, among others.
Commenting on the addition of Algorand to the growing list of its member organizations, Ron Quaranta chairman of the WSBA expressed his excitement over the blockchain project’s interest in the organization, adding that the alliance will further significantly contribute to WSBA’s mission of accelerating comprehensive adoption of DLT.
In his words:
“ It’s a privilege to have the Algorand team join our organization and work with us and our global members to further the shared mission of promoting comprehensive adoption of blockchain technology across global markets. Algorand features a permissionless Pure Proof of Stake technology that will be instrumental in the development of a decentralized, borderless economy. ”
Notably, Algorand (ALGO) technology has been adopted and integrated by several entities in recent times and the project has also been working hard to boost its ecosystem.
The Algorand Foundation secured a Sharia compliance license from the Shariya Review Bureau (SRB) in October 2019, to make it possible for Islamic organizations to adopt Algorand.
More recently, in March 2020, Algorand (ALGO) was chosen by SFB Technologies as the preferred blockchain platform for the development of Marshallese Sovereign (SOV), the national digital currency of the Marshall Islands.