Algorand announced details of the ongoing Algomint platform project, a platform for minting digital assets based on the Algorand blockchain. The project is slated to begin in the third quarter of this year and will offer the network a wider range of liquidity options.
Algomint Users to Trade Bitcoin Directly on the Algorand DeFi market
With Algomint, users can trade Bitcoin directly on the Algorand DeFi marketplace. This is achieved by minting goBTC on its platform and locking the original Bitcoin value in a 1: 1 ratio via a secure third-party vault. When users withdraw bitcoins, the required goBTC is burned and the network transfers their bitcoins to the designated wallets.
Algomint’s casting platform was founded by Meld Gold founders Michael Cotton and AJ Milne. Meld Gold is a gold investment management company that provides investors with digital certificates and gold digital wallets built into Algorand and Ledger’s Nano X crypto storage hardware.
Further integration with other cryptocurrency assets such as Ethereum and USDT stablecoins is in development, according to Algomint. The products, which are to be released in the third quarter of this year, will initially provide goBTC and goETH as core resources of its ecosystem.
“We are excited to see Algomint providing a necessary bridge for digital assets to enter the growing Algorand ecosystem and the opportunities that will be opened up for users,” shared Algorand COO Sean Ford. “Tools like Algomint serve as foundational components for the incredible expansion of DeFi on Algorand that we are currently seeing,” he added.
Algomint Platform to Launch its Native Governance Token (goMNT) in Q3 of 2021
The founders and partners of Algomint opted for Algorand’s pure blockchain protocol to prove its use, as the protocol represents, for example, the finality of blocks without uncertainty, high throughputs and scalable transactions, non-forkability and Algorand blocks. The technical characteristics of the chains of innovation measures for CO2 neutrality.
Since 2020, the rapid growth of the decentralized financial sector has increased the ecosystem’s annual growth rate to 7,500%, and financial institutions are leveraging DeFi’s potential to continue to thrive.
“This is a significant opportunity and the potential for impact is huge. As Algorand users access the platform, having the ability to take advantage of transaction speeds of 4 seconds and costs of less than $0.001. Suddenly the market has a very different proposition.” Henrik Andersson, Chief Investment Officer of Apollo Capital, Algomint’s lead partner, agreed.
Algorand currently serves more than 500 decentralized applications with a daily transaction volume of more than 500,000. Algorand is a fully regulated and compliant blockchain that can meet the key requirements of established financial institutions that want to integrate with or be exposed to crypto-assets.
The Algomint platform will also launch its native governance token goMNT in the third quarter of this year. The platform is also expected to launch goUSD, a local stable currency pegged to the US dollar, and introduce programmable liquidity features to its service suite through the Balancer Decentralized Exchange (Balancer DEX). GoMNT’s equity is also on the development path of 2022.
