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In an exciting new development, blockchain platform Algorand has revealed that it is now part of the International Swaps and Derivatives Association (ISDA).
This is following the recent announcement that the stablecoin Tether (USDT) would be launched on the platform.
In a blog post on its website, Algorand provided details with regards to what it plans to do with its membership to the ISDA. It said that by implementing ISDA's Common Domain Model (CDM) on the Algorand blockchain would make it easier for financial institutions to use existing templates and programming tools to create decentralized financial instruments.
The ISDA itself appears to be quite happy to have Algorand onboard. This is what Ian Sloyan, Director Market Infrastructure and Technology at ISDA says in the statement on the post.
“We are very pleased that Algorand is implementing the ISDA Common Domain Model on their blockchain, which will give their community access to financial tools to safely participate in blockchain-based derivatives markets,” Sloyan said.
Founded in 2017, Algorand aims to remove the barriers to widespread blockchain adoption. The company says that its first-of-its-kind, permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality needed by users to build opportunity and fulfill the promise of blockchain technology.
Algorand said that it is already working with financial institutions to develop "smart derivatives contracts" aligned with ISDA standards.
Last month, Algorand raised more than $60 million in a token sale conducted on CoinList. According to the details, all 25 million Algos for auction, valued at $2.40 each, were sold out in less than 4 hours due to an oversubscribed global demand.
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