Qatar Based Instimatch partners with Algorand Blockchain for payments and Islamic banking

Qatar Based Instimatch partners with Algorand Blockchain for payments and Islamic banking

 Instimatch Global, the digital platform for institutional short-term money market trading, and Algorand, blockchain powering secure and efficient frictionless exchange, are working together to disrupt the regulated payment networks with advanced solutions powered by blockchain. Instimatch Global is paving the way to reinvent the conventional ways in which money markets operate, primarily by phone and broker-based means. The Platform's global Network offers a more effective workflow, better pricing and the potential to diversify counterparty risk by linking borrowers with lenders digitally.

Algorand's cutting-edge blockchain technology will complement Instimatch, empowering it to add a spectrum of new features and offerings focused on payments, Islamic banking and RegTech. Borrowing, lending and FX continue to grow and, with the implementation of advanced blockchain, can be more efficient and effective as the backbone of global economies. Instimatch is perfectly poised to bring enormous efficiencies to its customers, who currently process hundreds of billions of dollars in transactions each quarter.

"We are extremely pleased we've entered into this strategic partnership with Algorand, which enables us to leverage their blockchain technology and enhance our offering even further for our customers," commented Daniel Sandmeier, CEO at Instimatch. He also added, "The wide scope of this collaboration, which includes payments, Islamic banking and RegTech, will surely bring important progress in this space. We are confident of the success of the partnership as both Instimatch and Algorand embrace the vision of decentralized and frictionless finance."

"Instimatch and Algorand have a shared vision of what is required for advanced money market systems and FX that is more efficient and frictionless than today's offerings," said W. Sean Ford, COO of Algorand. "We are truly excited by Instimatch's initiative to build a bridge between new defi offerings and traditional financial applications."

In February of 2020 Instimatch opened its offices in Qatar Financial Center Authority as a base for its MENA operations. Instimatch was already implementing Blockchain utilizing R3 Corda platform for its solutions. 

 

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