Algorand-based institutional investment products set a record weekly inflows.
Algorand products hit a record high with weekly inflows of $20 million, according to CoinShares assets. According to crypto journalist Colin Wu, this could be due to Algorand’s recent launches.
Total inflows in digital asset investment products totaled $87 million last week, with total inflows to date reaching $0.52 billion. Although the total assets above Bitcoin were at the lowest level since July 2021 due to the drop in price, it managed to receive an inflow of $ 69 million. Thus, the total investment in Bitcoin products reached $369 million.
Ethereum continued to be in a bearish trend. ETH products, which saw an outflow of 11.6 million dollars last week, have seen an outflow of 250 million dollars since the beginning of the year. Solana saw $1.8 million and Tron $0.4 million.
Algorand has recently agreed with the Nigerian government to issue a national wallet. While Developing Africa Group opted for an Algorand-based plan, it chose locally based Koibanx as its payment partner.
Algorand has also made an indefinite investment in FlexID to develop Self-Sovereign Identity (SSI) technology.
