Simetria announced today that the company has partnered with Algorand, a leading blockchain technology firm, to build its next-generation securities exchange. The latest announcement came after Ziv Keinan, Founder and CEO of Simetria, revealed the demo of the company’s new DLT based platform to allow private companies to meet liquidity for the benefit of their employees, founders and VCs.
According to the official press release shared with Finance Magnates, Simetria has partnered with Algorand to build its next-generation securities exchange to disrupt market infrastructure through the use of blockchain technology.
Simetria mentioned that the newly formed partnership with Algorand will bring scalability, transaction finality and the speed needed for bridging the gap between traditional financial offerings and decentralized solutions. The Israel-based company is planning to expand its presence globally in the future.
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Commenting on the latest announcement, Ziv Keinan, Founder and CEO of Simetria, said: “We are excited to be working with Algorand to execute on our vision at Simetria and look forward to how our collective efforts will result in huge potential in the digital securities space. Private companies will soon be able to list digital securities for trade on Simetria’s platform to gain liquidity and raise capital, all in a seamless manner on Algorand’s blockchain, which was purpose-built for this type of use.”
In November 2020, Simetria named Ilan Steiner, former Director of Currency at the Bank of Israel, as Chief Operations Officer.
Algorand is one of the leading blockchain technology firms around the world. The latest partnership is Algorand’s first major collaboration with an Israel-based company.
“We recognize Simetria’s leadership in the Israeli market and share an aligned vision of leveraging blockchain to expand opportunities and open new markets with blockchain-based solutions for private capital. We are excited to welcome them to the Algorand community as they launch their robust product in Israel and then internationally,” a spokesperson from Algorand mentioned in the official press release.