Ferrum integrates with Algorand | Invezz

Ferrum Network, a blockchain project that aims to address interoperability challenges of existing blockchain technology, has completed a successful integration of its product suite with the Algorand (ALGO/USD) blockchain network, Invezz learned from a press release.

The project’s Staking-as-a-Service solutions have now become available to all projects building on Algorand. 

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A significant milestone for Ferrum

Recently, Algorand gave Ferrum Network a grant to integrate its products into the former’s ecosystem. The launch of the Staking-as-a-Service solutions is an important achievement for Ferrum. Their next major milestone is the integration with the Ferrum Multichain Token bridge.

No real SaaS provider so far

Previously, the Algorand ecosystem didn’t have a “real” Staking-as-a-Service provider. With the integration of Ferrum’s product suite, it has made it possible for any project that uses the ASA token standard to utilize its diverse ecosystem of Blockchain-as-a-Service products.

Nick Odio, Executive Vice President of Partnerships and Growth at Ferrum Network, commented:

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.

Ferrum adds multichain bridge in Q2/2022

Another component of the integration involves adding the Ferrum multichain token bridge to Algorand by the end of the second quarter of this year. The integration will allow seamless bridging and asset exchange from a myriad of EVM-compatible chains to Algorand and other non-EVM compatible networks.

Effectively, this is nothing short of a breakthrough in the area of blockchain interoperability.

Algorand becomes first non-EVM network to fully integration with Ferrum

Once the integration is completed, Algorand will become the first non-EVM compatible network to have this kind of compatibility with Ferrum’s interoperability protocol. In turn, this will render the Algorand Virtual Machine (AVM) fully interoperable with many other blockchains apart from EVM-compatible ones, creating the basis for a truly multichain ecosystem.

Daniel Oon, Head of DeFi at the Algorand Foundation, said:

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.