An official statement announced the onboarding of Algorand into the platform.
ALGO, the native crypto of the blockchain crypto protocol Algorand, witnessed a 3% rally after it was chosen as the supporting blockchain for Italy’s digital guarantees platform. An official statement mentioned that IVASS, an Italian Insurance authority, the Bank of Italy, and several other financial organizations were joined by Algorand in Milan at an event. The Research Center for Technologies Innovations and Finance (CETIF) hosted the event, demonstrating how digital ledger technologies (DLT) could be used to issue bank and insurance guarantees.
Professor at CETIF Federico Rajola said, “We selected Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability.” Rajola further added, “Our goal is to help Italy not only recover from the economic impact of Covid-19, but also excel through innovation and leadership. Our ecosystemic projects are meant to help generate strategic platforms, such as the Digital Sureties platform supported by Algorand. We believe these platforms can and will dramatically contribute to the country’s competitive sustainability for the benefit of all.”
Algorand also welcomed the development and claimed they were honored to be selected for the platform. Expected to be part of the ‘EU Recovery Plan,’ an initiative to boost recovery in the post-pandemic economy, the digital guarantee platform in Italy will be the first time an EU member state would use blockchain technology to issue bank and insurance guarantees.