Blockchain company Electroneum has partnered with AlgoZ to provide market-making services to its coin listed on Huobi Global.
The Fingenom Group company will be responsible for providing a fully automated liquidity solution for the digital coin.
Commenting on the partnership, Richard Ells, CEO of the London-based blockchain firm, told Finance Magnates: “We are extremely excited to have ETN go live on Huobi exchange. Partnering with AlgoZ was the obvious choice for us after our successful cooperation in Liquid and Kucoin. We are sure that the Huobi ETN holders will appreciate this partnership, which will provide them with 24/7 of steady and continuous liquidity.”
Founded in 2011, Fingenom was established as an infrastructure provider for trading algorithms in the capital market. With the boom in the crypto market, the fintech firm extended its reach towards the digital asset industry in 2016 by setting up AlgoZ to provide various financial solutions such as market making, brokerage, and over-the-counter (OTC) services.
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“The collaboration with Electroneum corresponds directly with our vision to work with the leading players in the crypto landscape, in order to make the digital asset economy more progressive, reliable and accessible,” Nir Dovrat, co-CEO of AlgoZ, added. “This reelection is a vote of confidence in our solutions, technology and most importantly in our team.”
Targeting the Developing Markets
Electroneum is betting heavily on the developing markets where there is low penetration of financial technology and is developing a digital ecosystem for day-to-day spending with cryptocurrencies.
The London-headquartered company also provides a mobile-based crypto mining experience for its native ETN tokens. However, the mining is only a simulation to attract enthusiasts towards the industry as a real mobile-based mining rig would drain the battery in minutes.
Last month at the Mobile World Congress, Electroneum launched an $80 blockchain-enabled smartphone capable of crypto mining – of course, the simulated version of it. The phone attracted a lot of attention with its cheap price tag as its other market competitions including FINNEY and HTC Exodus are priced around $1000.