Algorand

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Several countries have been planning to explore stablecoins despite the initial reluctance and more recent implosion of Terra. The latest one to jump on the bandwagon is one of Australia’s four largest financial institutions – National Australia Bank (NAB).
The new Australian dollar-pegged stablecoin created by NAB, dubbed AUDN, is set to be launched on the Ethereum and Algorand blockchain networks. It is expected to be completed by mid-2023.
Australia’s Second Stablecoin Initiative
According to the Australian Financial Review (AFR) report, the AUDN will enable users to settle transactions on blockchain technology in real-time with the help of Australian dollars. The NAB also said the stablecoin is designed to serve multiple purposes, such as carbon credit trading, cross-border money transfers, and repurchase agreements. Furthermore, the bank will be in charge of holding the Australian fiat-backed stablecoin.
In a statement, NAB Chief Innovation officer Howard Silby was quoted saying,
“We certainly believe there are elements of blockchain technology that will form part of the future of finance […] From our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”
The current infrastructure for overseas transactions is dominated by the SWIFT network, which is undoubtedly a legacy system. However, AUDN’s launch could provide an effective alternative for many users.
The development comes four months after Australian Senator Andrew Bragg drafted a bill aiming to put the domestic cryptocurrency sector under strict supervision. The bill required digital asset exchanges and stablecoin issuers to reveal their operations to authorities. It also targeted Chinese banks dealing with digital yuan in the country.
Other Countries Dabbling in Stablecoins
With the creation of AUDN, NAB has become the second major bank in the country to launch an Australian dollar-pegged stablecoin on the Ethereum network. Last year, Australia and New Zealand Banking Group (ANZ) minted a stablecoin pegged to the Australian fiat in collaboration with crypto custodian Fireblocks.
This week, Russia and Iran were reportedly engaged in talks over launching a new cryptocurrency backed by gold. Alexander Brazhnikov, executive director of the Russian Association of the Crypto Industry and Blockchain, asserted that the token would be developed as a stablecoin.
The post National Australia Bank to Launch Stablecoin on Ethereum, Algorand: Report appeared first on CryptoPotato.

The stablecoin will be backed 1:1 by the Australian dollar (AUD). 

cryptopotato.com

National Australia Bank to Launch Stablecoin on Ethereum, Algorand: Report

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days. 
The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones. 
However, the token might be on shaky ground as the bears test its current support at $0.2275. 





Algorand Developments On-Chain
Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors. 


The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction. 
With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.

Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana #Avalanche #polygon #bsc #celo #ethereum? $sol $matic $algo $bsc $eth  pic.twitter.com/7hBmduanfM
— Axetrax (@Axetrax22) January 14, 2023
Can ALGO Continue Its Climb? 
The token is currently trading at $0.2329, a nearly 1% decrease from yesterday’s $0.2341 price. The rejection at $0.2418 would delay ALGO’s recovery. With the token’s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement. 
With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs. 
Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence. 





ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave. 
But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.
Featured image from ThoughtCo


Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days.  The Total Valu...

newsbtc.com

Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?

ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.
After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset’s current support zone.
ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now, threatening to push the digital coin’s value to $0.15 or even lower.
Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.

Algorand Paints Its Charts In Red
At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the “red zone” in all its price gauges.
According to latest tracking from Coingecko, ALGO is changing hands at $0.165, nearing its newly found support zone of $0.163.
Over the last 24 hours, the altcoin has gone down by almost 3% and is looking at a weekly decline of 4.7%.
On longer time frames, Algorand has declined significantly, dumping 25.6% of its value during the last two weeks and also losing 30.4% over the last 30 days.
Indeed, the cryptocurrency was among the many altcoins that struggled to gain their momentum back following the effects of the market-crashing collapse of the FTX cryptocurrency exchange.


ALGO A Viable Investment?
Guy, the pseudonymous host of Coin Bureau was recently interviewed and asked about the top digital coins that could prove to be a profitable for investors during a recession.
The host named Algorand as one, saying that its blockchain has put itself in a very good and strong position for the highly anticipated coming of the next crypto bull market.
“Algorand is a really interesting play for the next bull market. I think we could see a lot of really cool, interesting, really successful projects develop in its ecosystem during that time,” said Guy.
The Coin Bureau personality also noticed that there seems to be many developments in the asset’s network and there is a strong community backing it.
Meanwhile, Cosmos (ATOM), Arweave (AR), Osmosis (OSMO), Juno (JUNO) and Aave (AAVE) were also picked by Guy as potentially good investment in times of a recession.
–
Featured image: Forkast News


ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month. After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryp...

Why ALGO Has Been Stagnant In Last 10 Days And Still At The Mercy Of Bears

A popular crypto analyst is ranking Cosmos (ATOM) and Algorand (ALGO) among his top five altcoins to invest in during a recession.
In a new interview with Altcoin Daily, the pseudonymous host of Coin Bureau known as Guy says the decentralized parallel blockchain network Cosmos is high on his list due to its high staking rewards and strong development team.

“I’d be very quick to jump on [ATOM]. I think it’s an amazing project. I love Cosmos. I love this idea of interoperability. There’s some really cool tech there. There’s a great team behind it and also, I must say, a really good community behind Cosmos as well… There are some amazing returns on staking ATOM at the moment.”
At time of writing, Cosmos is changing hands at $9.12.
He next picks the Ethereum (ETH) rival Algorand, saying the blockchain is putting itself in a strong position for the next crypto bull market.
“Algorand is a really interesting potential play for the next bull market. I think we could see a lot of really cool, really interesting, really successful projects develop in its ecosystem during that time. I think it has a good shot as one of these non-EVM (Ethereum virtual machine) chains as well. I think that positions it really, really well. There seems to be a lot of developments and strong community behind ALGO.”
At time of writing, ALGO is switching hands at $0.170.
He also picks the decentralized data storage network Arweave (AR).
“Arweave is a project I really, really like. I think it’s got an amazing use case. Again, amazing tech and team. So a lot of those fundamentals match up for me.”
At time of writing, AR is swapping hands at $6.62.
Guy shifts his focus back to Cosmos to select from projects built on its blockchain, either Osmosis (OSMO) or JUNO (JUNO), for inclusion on his top five list.
Osmosis is an automated market maker protocol built on Cosmos software development kit (SDK) that aims to allow participants to create liquidity and seamlessly trade the cryptocurrencies they hold that are inter-blockchain communication (IBC) protocol compatible. Meanwhile, JUNO is a proof-of-stake blockchain designed to serve as a cross-chain smart contract hub for the Cosmos ecosystem.
At time of writing, OSMO is valued at $0.745 and Juno at $1.18.
Lastly, Guy puts in his top five Aave (AAVE), the popular decentralized finance (DeFi) lending and borrowing platform.
“I think DeFi’s time is going to come again. I think DeFi is going to be a big narrative of the next bull market. AAVE is a really well-established project. The fundamentals are in place there. And I think it’s one of these ones that’s definitely going to stick around, definitely going to be one of the survivors of this bear market.”
At time of writing, AAVE is changing hands at $55.67.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Layne Harris
The post Coin Bureau Names Top Altcoins To Invest in During a Recession appeared first on The Daily Hodl.


A popular crypto analyst is ranking Cosmos (ATOM) and Algorand (ALGO) among his top five altcoins to invest in during a recession. In a new interview with Altcoin Daily, the pseudonymous host of Coin Bureau known as Guy says the decentralized parallel blockchain network Cosmos is high on his list...

dailyhodl.com

Coin Bureau Names Top Altcoins To Invest in During a Recession

Algorand has been selected as the blockchain to support an innovative digital guarantee platform for Italy’s banking and insurance markets.
Cryptocurrencies are now gaining more popularity and adoption. Adoption and real-life use cases influence the price of an asset and make it durable. Bitcoin is accepted as a form of payment on numerous platforms as the world looks to migrate to a cashless society.
Altcoins are not left out either, finding applications in various sectors like gaming, DeFi services, and the collection of NFTs.

Although crypto critics are quick to point out the flaws of cryptocurrencies which include volatility and periodic hacks, the sector is still on the rise. It is almost impossible to imagine a world without cryptocurrencies since they have become intertwined with virtually every sector.
Some investors believe that it is only a matter of time before cryptocurrencies dominate the world and gain even more relevance. Service providers and companies like Tesla accept crypto as payment, and the adoption is spreading to other regions.
Italy Banking And Insurance Sectors To Partner With Algorand
This platform will officially launch early in 2023. It is the first of its kind since it is the first time a member state of the European Union will apply blockchain technology for banking and insurance guarantees.
A bank guarantee is an agreement in which an institution pledges to cover losses for a borrower’s loan defaults. It is a viable alternative to security bonds or deposits to a vendor.
Insurance guarantees are similar but offered by insurance companies. Again, Algorand will step into this role, with its fast, efficient, and low-cost network an advantage. It will also protect these organizations from fraud with the highly secured blockchain.
Objective: To Boost The Country’s Economy
This innovative platform is developed by the research center on Technologies, Innovation, and Finance of the Catholic University of Milan.
The project aligns with Italy’s National Recovery and Resilience Plan. This plan aims to boost Italy’s economic rise following the setbacks suffered during the COVID-19 pandemic.
Algorand has recently upgraded its transaction speed, cross-chain functionality, and processing capacity following its protocol upgrade.


The Algorand layer-1 blockchain network added state proofs to its mainnet, facilitating trustless communication between various blockchain protocols.

Following the upgrade, Algorand’s transaction processing speed increased from 1200 to 6000 transactions per second. Federico Rajola, a professor at the Catholic university, stated that the choice of Algorand for the project was due to its unparalleled level of innovation.
He stated that the project aims to help Italy recover from the economic setback suffered due to Covid-19. He expects excellence through innovation and leadership. Rajola also said that these platforms contribute to the sustenance of Italy’s competitive edge.


Algorand has been selected as the blockchain to support an innovative digital guarantee platform for Italy&#8217;s banking and insurance markets. Cryptocurrencies are now gaining more popularity and adoption. Adoption and real-life use cases influence the price of an asset and make it durable. Bi...

Algorand price	$0.261959
Low - High 24H	$0.256351 - $0.265138
Market cap	$1.89B
Volume 24H	$80.56M
All time high	$3.56 -92.64% June 20th 2019
All time low	$0.105336 148.80% March 13th 2020
Genesis date	N/A

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