Algorand has partnered with a leading blockchain technology company, Simetria to launch the first digital exchange in Israel.
Algorand and Simetria to Build Next-Generation Exchange
Ziv Keinan, founder and CEO of Simetria, presented a demo of the company’s new DLT-based platform, which private companies can use to satisfy the mobility of their employees, founders and venture capitalists.
According to an official press release shared with Finance Magnates, Simetria has partnered with Algorand to create a next-generation exchange designed to disrupt market infrastructure through the use of blockchain technology.
Simetria mentioned that the newly formed partnership with Algorand will bring scalability, transaction finality and the speed required to bridge the gap between traditional financial products and decentralized solutions. The Israel-based company plans to expand its activities worldwide in the future.
Commenting on the latest announcement, Zetr Keinan, Founder and CEO of Simetria, said:”We are excited to be working with Algorand to execute on our vision at Simetria and look forward to how our collective efforts will result in huge potential in the digital securities space. Private companies will soon be able to list digital securities for trade on Simetria’s platform to gain liquidity and raise capital, all in a seamless manner on Algorand’s blockchain, which was purpose-built for this type of use.”
In November 2020, Simetria appointed Ilan Steiner, the former currency director of the Bank of Israel, as chief operating officer.
First Major Partnership with An Israeli Company
Algorand is one of the world’s leading blockchain technology companies. The latest partnership is the first major collaboration between Algorand and an Israeli company.
A spokesman for Algorand said in the official press release: “We recognize Simetria’s leadership in the Israeli market and share an aligned vision of leveraging blockchain to expand opportunities and open new markets with blockchain-based solutions for private capital. We are excited to welcome them to the Algorand community as they launch their robust product in Israel and then internationally.”