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Feb 23, 2021

Ledgermatic to leverage Algorand blockchain to deliver digital asset treasury solutions to enterprise

By: Ledgermatic

Ledgermatic selects Algorand as its blockchain protocol layer as it readies for a digital evolution in treasury management.

23 February, 2021 -- Ledgermatic, which recently announced it is developing treasury tools to allow enterprise and financial institutions to operate with digital assets and associated payments and workflows, has chosen Algorand as its blockchain protocol partner. Ledgermatic has also received funding from Borderless Capital, a venture capital firm focused on supporting and developing the Algorand ecosystem.

Algorand will form the base protocol layer for Ledgermatic, providing their enterprise clients with on-chain and cross-chain asset movements from its permissioned network to Algorand’s public network. Algorand’s strong suite of Layer-1 features, including native ASA assets and atomic-transfers, are uniquely positioned to enable advanced applications. In addition, Algorand is developing co-chain functionality, a mechanism that connects permissioned networks to the public MainNet network, which will be instrumental in meeting the complex requirements of enterprise use cases that are sensitive to privacy and transactional costs.

The increasing adoption of digital assets represents a permanent shift in the nature of finance. As business activity conducted in digital assets becomes mainstream, enterprise finance teams are under pressure to reshape business operations or risk getting left behind by competitors. Ledgermatic will enable enterprises and institutions to integrate digital assets and ledger-based services into their business operations and existing infrastructure, with the highest levels of security and compliance to regulatory standards. 

Isaac Fain, Co-founder and CTO of Ledgermatic, commented: “Algorand’s Layer-1 features, sustainable ESG profile, key management capabilities, and the commercial interest of its ecosystem made it the stand-out choice for our use case. The adoption of their base layer technology forms an important step towards the realisation of our vision of the evolution of corporate treasury.”

David Garcia, CEO and Managing Partner of Borderless Capital added: “We are excited to be supporting Ledgermatic. With the growing trend of digital asset adoption by Corporate Treasuries, Ledgermatic is poised for success. By leveraging native Layer-1 novel features and upcoming support for co-chains on Algorand, Ledgermatic will provide a robust institutional solution for Corporates and Enterprises to navigate the new world of digital assets.” 

About Ledgermatic

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.

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About Borderless Capital

Borderless Capital is a modern financial institution investing capital and co-building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy. We do not stop with just investment. We also provide guidance and mentorship to grow our portfolio companies into successful and category leading businesses. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build their network effect. In short, we leverage the synergy of our portfolio, partners network, and domain expertise to create value for everyone.

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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.

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