Algorand partners first Israeli digital securities exchange
Simetria will leverage Algorand’s blockchain technology to launch a DLT-based platform for private Israeli companies to list shares
Blockchain technology company Algorand announced yesterday a new partnership with Simetria. Simetria is building the first digital securities exchange for private Israeli technology companies. The platform uses distributed ledger technology (DLT) in its settlement system and has received a preliminary ruling from the ISA, enabling it to offer shares in Israeli companies to accredited investors around the world.
Founder and CEO of Simetria, Ziv Keinin, commented, “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.”
The Algorand blockchain was chosen for its advanced technology that aims to converge traditional and decentralised models to power the Future of Finance (FutureFi). Algorand’s infrastructure offers interoperability, speed, transaction finality and the capacity to handle the transaction volume necessary for governments, financial institutions and decentralised finance (DeFi) to transition to FutureFi.
Algorand’s technology will enable Simetria to scale internationally, and the Israeli exchange will be joining more than 500 other global organisations already building on Algorand. Other companies that have announced this month they will be leveraging Algorand’s blockchain include home equity marketplace Vesta Equity and private equity firm BridgeTower Capital.
Business Solutions Director at Algorand, Pietro Grassano, said of the latest partnership, “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.”
This announcement comes less than a week after Algorand pledged to be the greenest blockchain and committed to becoming a completely carbon negative network.