Algorand and its foundation!
Algorand was founded in 2017 by Silvio Micali, a professor at MIT. Algorand happens to be a Proof of Stake, blockchain cryptocurrency protocol. The currency which is created by Algorand is ALGO.
Let’s look at a tweet by Algorand below:
Nigeria to Launch Major Crypto Initiative, IP Exchange Marketplace & Wallet, on #Algorand w/ @developingafro & @koibanx
3-year agreement will enable commercialization of all IP created & registered within Nigeria, both locally & internationally. https://t.co/SRPXRMl7Yt pic.twitter.com/MGN9SKFQWS
— Algorand (@Algorand) May 24, 2022
In the tweet, Algorand mentions that Nigeria has initiated an agreement, wherein they will be launching Major Crypto initiative, IP Exchange, Marketplace and Wallet. The agreement essentially will give the makers of the art the right of Intellectual Property to commercialize, which are basically created within the borders of Nigeria. The IP is not limited to Patents, trademarks, videos, podcasts, etc but is extended to all major copyrights.
The association of Algorand with Koibanx.
Koibanx has revolutionized the financial sector with technology. Since, 2015 they have been dealing into building the banisters that will enable multi asset payments and making financial system’s holding liquid. Algorand picked Koibanx because Koibanx captured the financial market in an efficient manner in the region. Koibanx provided the right opportunity for Algorand to capture the crypto as well the IP sectors of the Nigerian market. Basically, Koibanx will now act as a tokenization and payment engine for Algorand. After agreement had signed off, the CEO of Koibanx made a statement that, The agreement of Nigerian IP wallet will provide a humongous opportunity for Koibanx to grow in the crypto market because it happens to be the largest crypto project across the globe. He went on to share his previous experience about El Salvador and how they impacted and revolutionized their financial sector and had a direct impact on the lives of the people.
The collaboration, not the first time!
Previously, Algorand and Koibanx have associated in Latin America with their major objective being capturing the market and grow the digital economy of the region. Their aim was to set up a development based out of efficient infrastructure and software. El Salvador is one of the prime examples of the collaboration which became a great success. There are currently around 12+ Million users and over 10 different payments implementation for banks in the region.
The collaboration of both the parties has benefited many regions previously. The collaboration now surely promises a lot to the citizens of Nigeria. The IP industry which has a vast dimension to it and the ever growing, ever developing crypto market have essentially put their strong foot in the Nigerian financial sector. The agreement will bring in a lot of opportunities for the people to deal in both IP as well as crypto. This can be simply put as targeting two birds with one stone and certainly this move has reaped in a lot of benefits.