Algorand Selected To Power El Salvador's Blockchain Infrastructure

By FR4X | FR4X crypto news | 31 Aug 2021


Blockchain firm Koibanx will be working with El Salvador to develop its blockchain infrastructure on top of Algorand. The company announced it has signed a cooperation agreement with the government of El Salvador. The Latin American nation is currently in the midst of implementing its Bitcoin Law, which will become legal tender as its second official currency. 

Kobianx has worked with and deployed several large scale projects on the Algorand blockchain including a national blockchain-based COVID certification program, a point-of-sale credit issuance system and various smart contract financing platforms. 

“El Salvador is paving the way for other countries to make the promise of blockchain a reality. We are honored to be working with the government to enable Salvadoreans to access a global digital economy and the potential for a more prosperous future,” said Leo Elduayen, CEO & Founder of Koibanx. “To make this possible, we needed technology that was robust enough to handle the needs of an entire nation. We found that in Algorand, a proven blockchain that meets our rigorous requirements for speed, security and stability.”

El Salvador joins the Marshall Islands as another nation state working with Algorand on a federal level. Algorand was selected to power the first national digital currency for the Pacific Island nation. 

Algorand is an open source, pure proof-of-stake blockchain protocol founded by renowned cryptography pioneer Silvio Micali. The Algorand mainnet has been live since June 2019 and has attracted a wide variety of real world use cases and DeFi applications.

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