Jul 15, 2021
15 July, 2021. Ledgermatic, the treasury, finance and custody solution, announces it is now live and compatible for the Algorand ecosystem. Businesses that use the Algorand network, hold Algo’s and use native ASA tokens can leverage Ledgermatic as their custodian and back office finance solution with a first set of clients currently active on the system.
Ledgermatic’s platform ushers in new features for the market to orchestrate a variety of finance functions previously unavailable to the industry. Clients can view their global digital asset positions and flows by geography, asset and business unit, allowing them to manage liquidity and exposure in real time. Customers can also recreate their corporate structure and assign a variety of account types and third parties to the individual entities; segregated, pooled and virtual accounts can manage a variety of trading, investment and back office activity. Users can also link their digital asset activity to their general, sub-ledger and Chart of Accounts (CoA). Granular financial controls for segregation of duties, veto rights and audit views vastly reduces the opportunity that Ledgermatic users are exposed to fraud, waste and abuse.
This means businesses can now reconcile and account for their digital asset operations centrally instead of managing their business in silos.
The integrated Ledgermatic custody service is in use for the growing needs of modern digital asset businesses, where a segregated and secure service is needed for treasury holdings, third party escrow and collateral, short term holdings on excess revenues and long term, “buy and hold” investment strategies.
Ledgermatic is available to token holders, Algorand-built platforms, investment funds and exchanges and is working to make Algorand staking available on its platform imminently. IBMR, the project behind ARCC, one of Algorand’s largest token holders, uses Ledgermatic as their custodian.
Sinjin Jung, Managing Director of IBMR commented: “We believe Ledgermatic is the best suited solution for our needs. It couples a highly sophisticated and secure custody service that is embedded into a treasury system so we can manage our holdings from a single portal. For diverse crypto operations, it's a necessity for transparency, audit and administration.”
Ledgermatic CEO Luke Sully commented: “The Algorand ecosystem is a vibrant community of really impressive and focused projects. We recognized the growth in these projects and wanted Algorand to feature amongst our first set of protocols we work with. With Ledgermatic we enable Algorand activity to drive overall financial growth and convert back offices into a dynamic, secure and hyper-connected function.”
W. Sean Ford, COO of Algorand said: "We are thrilled that Ledgermatic recognized the robust ecosystem developing on the Algorand blockchain, and have prioritized making their treasury and custody tools available to the accelerating number of individuals and organizations launching assets on Algorand. With compatibility across the ecosystem, digital asset businesses building on Algorand can now seamlessly tap into Ledgermatic's offerings.”
Ledgermatic is a suite of corporate treasury solutions. Built on Confidential Computing technology produced by IBM Cloud Hyper Protect, the Ledgermatic digital asset platform will provide the highest levels of security and compliance to safely connect CFOs and treasurers to a set of digital-asset-denominated financial products, payment network and risk management tools. Ledgermatic’s “Confidential Key Construction” (CKC) algorithm provides a superior alternative to multi-party computation (MPC) and is a proprietary and chain agnostic key management system that preserves non-repudiation and embeds governance and controls into all key shares to guarantee provable decision making.
For more information and to sign up for pre-registration please visit https://ledgermatic.io/
About Algorand, Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information: www.algorand.com.