Simetria wants to use Algorand’s blockchain technology to launch a DLT – based platform for listing private Israeli companies
Blockchain technology company Algorand yesterday announced a new partnership with Simetria. Simetria developed the first digital securities exchange, for private Israeli technology companies. The platform uses distributed ledger (DLT) technology in its settlement system and has received preliminary approval from the ISA to offer shares in Israeli companies to accredited investors around the world.
Ziv Keinin, founder and managing Director of Simetria commented: “We are thrilled to be working with Algorand to implement Simetria’s vision and look forward to seeing how our combined efforts become an enormous potential in digital securities. Soon, private companies will be able to list digital securities for trading on Simetria’s platform to gain liquidity and raise capital – all seamlessly on the Algorand blockchain, designed specifically for this type of use.“
Simetria chose the Algorand blockchain because of its advanced technology, which aims to combine traditional and decentralized models to enable the Future of finance (FutureFi). The infrastructure of Algorand offers interoperability, speed, transaction finality and can handle the volume of transactions that governments, financial institutions and decentralised financial institutions (DeFi) need for the transition to FutureFi.
The technology of Algorand will enable Simetria to scale internationally. The Israeli Stock Exchange joins more than 500 other global organizations already operating on Algorand. Other companies that announced this month that they intend to use the Algorand blockchain include Vesta Equity and private equity firm BridgeTower Capital.
Pietro Grassano, Head of Business Solutions at Algorand, said about the latest partnership: “We recognize Simetria’s leading role in the Israeli market and share a common vision of opening up new opportunities and markets with blockchain-based solutions for private capital. We look forward to welcoming you to the Algorand community as you launch your robust product in Israel and then internationally.“
This announcement comes less than a week after Algorand set out to become the greenest blockchain and become a completely carbon-negative network.