pNetwork enters into partnership with the Algorand blockchain. The purpose of the agreement is to create a crosschain bridge in Algorand’s ecosystem.
The Algorand blockchain will support the major cryptocurrencies issued on the pNetwork network which are 1:1 pegged with their native version. In fact, pNetwork has created pTokens, cryptocurrencies that replicate the tokens of other blockchains, and which have the characteristic of being cross-chain.
In fact, as the financial system evolves, the world of blockchain and cryptocurrencies is faced with the difficulty of not being able to allow transactions between different blockchains. The pTokens issued by pNetwork solve this problem and will be very useful to Algorand’s ecosystem of 740 organisations that rely on its technology. Algorand is used for financial products, protocols, exchanges, DeFi, and even financial and governmental institutions (e.g. the Italian SIAE for music copyright protection).
Algorand and pNetwork together to build FutureFi
Algorand will launch blockchain interoperability through pNetwork in the summer of 2021. This partnership will also allow pNetwork to continue its mission of supporting the growth of the DeFi ecosystem, lending platforms, decentralised exchanges and stablecoins.
Sean Lee, CEO of the Algorand Foundation, said;
“The Algorand Foundation is excited to partner with pNetwork to bring easy cross-chain interoperability a step closer” said Sean Lee, CEO of the Algorand Foundation “Enabling assets and tokens from other chains to move freely on the Algorand network is an exciting step in facilitating a new model of finance that merges historic finance, decentralized finance and personally managed finance in our vision of a new Future of Finance – FutureFi.”
Thomas Bertani, Project Lead at pNetwork added:
“We aim to advance the blockchain industry by connecting innovative dApps with the entire market. Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem”.