Genesis Global Capital, LLC has announced support for USD Coin (USDC) and ALGO on Algorand. Genesis will be able to seamlessly deploy its USDC and ALGO holdings across Algorand’s decentralized finance (DeFi) ecosystem by offering borrowing, lending and use of these assets as collateral, according to the announcement.
The announcement informed, “Algorand’s unique pure-proof-of-stake (PPoS) protocol eliminates the cost and efficiency challenges currently faced by stablecoin traders and dapp developers on other networks, enabling users to transact using USDC at a much faster and more affordable rate than other blockchains. Used by more than 700 organizations around the world, Algorand is enabling the simple creation of leading-edge financial products, services and exchange of value.”
“We’re excited to support the Algorand team and blockchain,” said Matt Ballensweig, Head of Institutional Lending at Genesis. “The growth and adoption of stable coins has played a big role in our business over the last year, and we see Algorand’s technology as another tailwind to a fast-growing digital currency lending market. Genesis will support borrowing and lending in ALGO and USDC on Algorand, and will also accept both assets as collateral against other loans.”
“We are excited that the Algorand ecosystem continues to expand as we work with some of the best providers in the industry to accelerate access to decentralized financial products,” said W. Sean Ford, COO of Algorand. “Genesis’s offering, combined with Algorand’s robust ecosystem and technological capabilities, will introduce new efficiencies to clients, and further strengthen the bridge between DeFi and traditional financial applications.”
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