Blockchain technology company ShareRing announced on Friday that it has chosen AlgoZ to provide it with market making and liquidity solutions.
“We are extremely excited to have our ShareToken being offered publicly for trade,” said Tim Bos, CEO and Founder of ShareRing. “We know that the ShareToken community, together with the new holders of the ShareToken, will enjoy and benefit from our decision to team up with a technology company like AlgoZ and its well acclaimed liquidity solutions.”
Founded in January of last year, ShareRing allows people to rent almost anything. The company’s executive team previously founded Keaz, a company that also allows users to share assets but has predominantly been used as a means of sharing vehicles.
ShareRing is yet to offer its tokens – which will be called ShareTokens – to the public. The tokens will begin trading on February 18 on the Dx.Exchange platform.
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It is also those tokens that ShareRing hopes will power the renting economy that it hopes to facilitate. If I want to borrow your car, for example, I will pay you through the ShareRing platform.
Strengthening token trading
The company’s partnership with AlgoZ should bolster the extent to which ShareTokens are traded by users.
Owned by Fingenom Group, a company which specializes in trading technology, AlgoZ was launched in 2016 and provides OTC, market making and brokerage solutions to cryptocurrency firms.
“Engaging with the ShareRing team was the obvious decision for AlgoZ,” said Nir Dovrat, Co-CEO of AlgoZ Ltd. “We believe in the vision of ShareRing to reshape the future of rental economy by providing a unique platform for business and individuals. We see it as a mission and a target of AlgoZ to provide our best in class liquidity solutions to projects like this, which advance the bright future that we see for the blockchain technology and digital assets.”