PRESS RELEASE
Milan, Italy – 7 February 2022 – Wizkey is pleased to announce its integration with Algorand, an industry-leading layer 1 blockchain for financial applications, to enable institutions to quickly, easily and securely digitize fixed-income financial assets such as impaired receivables.
Wizkey’s credits on Algorand’s blockchain
Wizkey has fine-tuned decades of its founders’ experience in the credit value chain to develop end-to-end blockchain-based solutions for the structured finance industry. By migrating its tools to Algorand, which offers the speed and convenience required for broad-based companies, Wizkey’s customers and partners will be able to leverage the full potential of blockchain technology.
As interest in digital securities continues to grow across the global financial industry, Wizkey aims to simplify the process for banks and institutions by acting as a full-service technology partner, leveraging both cloud computing and blockchain to ensure transaction security and regulatory compliance, as well as to provide an enhanced secondary market for credit that is efficient and secure. Today’s announcement will enable Wizkey to support all players in the credit market with trustless solutions that maximize asset value.
Marco Pagani, CEO of Wizkey, stated:
“Financial markets are adopting new technology solutions that can be leveraged to improve traditional processes in a time-saving and cost-efficient manner. Working with Algorand will truly unlock the power of structured finance operations”.
Pietro Grassano, Algorand’s Business Solutions Director for Europe, added:
“We are thrilled that Wizkey is leveraging Algorand technology for a real leap forward in the efficiency of a key process in the financial industry. Algorand was created to be the preferred Layer 1 for innovative financial applications, such as those provided by Wizkey, and it will be exciting to see their tools adopted by more and more institutions around the world”.
About Wizkey
Wizkey is a leading provider of innovative credit market products and services offered to banks and financial institutions through a proprietary end-to-end platform based on leveraging cloud storage and blockchain technologies. WizKey is headquartered in Milan, Italy, but operates globally through its own sales channels. For more information: www.wizkey.io.
About Algorand
Algorand is building technology to power the future of finance (FutureFi), a convergence of traditional and decentralized models into an inclusive, frictionless and secure unified system. Founded by Turing Prize-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that offers the interoperability and ability to handle the volume of transactions needed for a “painless” transition into FutureFi without disruption for DeFi, financial institutions and governments. As the technology of choice for more than 700 global organizations, Algorand enables the simple creation of valuable future-generation financial products, protocols and exchanges. For more information, visit www.algorand.com.
Source: https://en.cryptonomist.ch/2022/02/08/wizkey-uses-algorithms-blockchain-to-improve-tokenization/