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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