Ferrum Network Interoperability Platform Integrates with Algorand (ALGO)

Ferrum Network, an interoperability project focused on bridging heterogeneous blockchain networks between each other, becomes the latest partner of high-perfromance blockchain Algorand (ALGO).

Ferrum Network integrates Algorand (ALGO): SaaS module now avaliable for all DeFis

As per the official announcement shared by the Ferrum Network, its suite of products is now integrated with Algorand’s (ALGO) blockchain ecosystem.

Starting from April 2022, Ferrum Network’s Staking-as-a-Service (SaaS) becomes available for all partners of Algorand (ALGO), including both existing and new projects.

This integration follows the Algorand Foundation’s grant received by Ferrum Network. Now, all products that utilize the ASA token standard can access Ferrum Network’s opportunities.

Nick Odio, the executive vice president of partnerships and growth at Ferrum Network, highlights that it is the first integration the Ferrum Network accomplishes with non-EVM blockchain:

This integration signifies a major stepping stone in Ferrum’s quest toward Interoperability 2.0. This is the first of many integrations that Ferrum has completed with a non-EVM compatible network and we’re honored to have Algorand by our side for it.

Multi-chain token bridge launch is in the cards

Daniel Oon, head of DeFi at the Algorand Foundation, is sure that the integration will advance the UX/UI and rewards of staking instruments available in Algorand’s ecosystem:

We’re excited for Ferrum’s go-live on Algorand, this release allows users to select a staking pool based on their time preference and acquire juicy rewards.

By the end of Q2, 2022, Ferrum Network is also going to launch the mainnet version of the multi-chain token bridge for every Algorand-based token.

As such, many EVM-based tokens will be seamlessly bridged toward assets minted through the Algorand Virtual Machine (AVM). Also, this integration makes Algorand (ALGO) seamlessly compatible with other non-EVM blockchains.