Algorand-based institutional investment products have made a record-breaking $20 million in inflows. This is due to the altcoin project’s collaboration with the government and big companies.
Altcoin project sees record-breaking weekly fund inflows
Algorand-based institutional investment products had a record-breaking $20 million inflows the previous week, according to digital asset management firm CoinShares. . According to Chinese crypto journalist Colin Wu, this may be linked to recent launches of Algorand Blockchain.
Digital asset investment products saw inflows totalling US$87m last week, pushing year-to-date inflows just past the half a billion mark to US$0.52bn. Algorand saw record inflows last week totalling US$20m, likely triggered by new product launches. https://t.co/B6ngxGFEuy
— Wu Blockchain (@WuBlockchain) May 30, 2022
Introducing digital asset investment products last week It totaled $87 million, increasing year-to-date inflows to $0.52 billion. Bitcoin received an inflow of $69 million, bringing the year-to-date total to $369 million, even though total assets under management were at their lowest since July 2021 due to price weakness. Last week, Bitcoin saw $1.8 million entry, which indicates that the market has not completely changed its bearish tones.
Ethereum continued its downward trend last week, bringing net outflows to $250 million from year-to-date with a total outflow of $11.6 million. Most of the other altcoin projects, where Solana and Tron received $1.8 million and $0.4 million each, witnessed inflows.
Algorand’s latest launches
As we covered in cryptokoin.com news, the Nigerian government recently announced that the Developing Signed an exclusive intellectual property rights (intellectual property rights) agreement with Africa Group to launch a national wallet that will allow for the international commercialization of all forms of intellectual property created and registered in the country, both locally and internationally.
BREAKING: @koibanx and @developingafro
to develop #Nigeria's official platform for commercialization of all IP in the country, on #Algorand.As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay 👉 https://t.co/pGqAc2vp0s
— Algorand (@Algorand) May 23, 2022
The Developing Africa Group, with Algorand Blockchain as the protocol to be established, is the country’s tokenization and chose Koibanx as payment engine. Koibanx will be responsible for the development of tokens for both the IP and stable token (equivalent to Naira) as well as the wallet. Algorand also made an undisclosed investment in FlexID to develop Self-Sovereign Identity (SSI) technology.
With all this news, Algorand (ALGO) is trading at $0.4031, up 8% at the time of writing.
