Algorand Was Chosen To Support Digital Guarantees Platform In Italy

According to a statement, Blockchain Protocol Algorand joined the Bank of Italy and the Italian insurance authority IVASS on Tuesday at an event hosted by the Research Center for Technologies Innovations and Finance (CETIF) in Milan to demonstrate how bank and insurance guarantees can be issued on blockchains.

A bank guarantee is a sort of financial backup provided by a lending institution in which the lender guarantees that the debtor’s liabilities will be satisfied.

ALGO, the native token of Algorand, went up approximately 3% on Tuesday after the layer 1 blockchain was chosen to enable a digital assurance platform in Italy.

Federico Rajola, professor, CETIF, said:

“We selected Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability. Our goal is to help Italy not only recover from the economic impact of Covid-19 but also excel through innovation and leadership.”

According to the statement, the new platform is slated to be live in early 2023 and will be the first time a European Union member state allows the use of blockchain technology for bank and insurance guarantees.

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