Adds Support for ALGO Token
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Aug. 18, 2020

Cryptocurrency wallet & exchange platform has listed a new asset — Algorand (ALGO).

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The Algorand project is a Proof-of-Stake (POS) blockchain, which is focused on scalability and security to enable a frictionless exchange of value. Algorand's hard cap is limited by 10 billion ALGO tokens with a circulating supply of 800 million. Allows Users to Borrow USD with Crypto

The project also has support for staking that allows hodlers earn passive income (5% APY) by securing the blockchain network. Product Manager Amadeo Pellicce says the wallet decided to list the ALGO cryptocurrency as the company's mission "is to empower the people of the world to control their own money."

"We are excited to add support for ALGO not just so that our customers can buy and sell the token, but also because it exposes more people to an advanced, high-powered, and truly original crypto network," Pellicce added.

In June, a not-for-profit organization Algorand Foundation announced it had entered into a collaboration with Circle, a crypto-focused fintech firm, to bring fiat-backed stablecoin USD Coin (USDC) to Algorand blockchain.

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As a result of the collaboration, clients of Circle Business Accounts and Circle APIs can move funds between traditional banks and card networks to digital dollars on the Algorand blockchain.

Clients can also have custody and manage accounts and payments activity through Circle APIs.

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