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Marshall Island is working on its digital currency that will be powered by technology providers Algorand and SFT Technologies.
Algorand announced its partnership with SFT Technologies for the Marshallese sovereign (SOV) in a press release. The SOV will circulate alongside the US dollar and will help the country in Oceania operate efficiently.
Algorand builds the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. Its protocol is the brainchild of Turing Award-winning cryptographer Silvio Micali and the technology is dedicated to removing the friction in a financial exchange.
SFT Technologies is focused on developing the blockchain infrastructure that is necessary to bring together digital currencies and mainstream regulatory compliance. It chose Algorand due to the latter’s “speed, scalability, security, and ability to effectively implement required compliance controls and the transaction finality needed for a national currency.”
"Algorand was selected after extensive market research among the leading protocol options," said Jim Wagner, co-founder, and CTO of SFB Technologies. "The company has already powered several mainstream use cases and thanks to its unique features the platform has the functionality required to issue, manage and distribute the SOV on a global level. This partnership ensures that the SOV will be built on a scalable and secure platform."
"The Marshall Island's vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology," said Silvio Micali, founder of Algorand. "We are proud to support the country on its groundbreaking journey towards mainstream digital currency adoption."
Meanwhile, stablecoin issuer Tether announced that it was the first stablecoin to go live on Algorand 2.0. Tether uses Algorand Standard Asset (ASA) feature to tokenize and issue any type of asset on the Algorand blockchain.
