Algorand Sees Record $20M Inflow Of Volume

May 30, 2022 7:35 pm

Digital asset management firm CoinShares just reported a record amount of inflows into Algorand which totaled to around $20 million this previous week.

There could many reasons for why there was such a large uptick recently such as Algorand’s recent launches on its blockchain which has been done in collaboration with a variety of partners.

Algorand was not the only one that experienced increased volume as inflow into digital assets as a whole had also increased which may signal a shift in the current crypto markets.

Algorand’s uptick, however, was a new record that had not been achieved before which signals continued organic growth of the ALGO ecosystem due to the recent progress the firm has made.

Ethereum, on the other hand, experienced major outflows.

U.today reports:

Inflows into digital asset investment products totaled $87 million last week, bringing year-to-date inflows to $0.52 billion.

Bitcoin received $69 million in inflows, raising the year-to-date total to $369 million, even though total assets under management are at their lowest levels since July 2021 due to price weakness.

Last week, short Bitcoin saw $1.8 million in inflows, indicating that the market has not completely shed its bearish undertones.

Ethereum continued its downward trend last week, with outflows totaling $11.6 million, bringing the year-to-date net outflows to $250 million, in sharp contrast to most other cryptocurrencies.

Most other altcoins witnessed inflows, with Solana and Tron each receiving $1.8 million and $0.4 million.

To provide some context into Algorand’s recent launches which may have been the reason for the increased volume, Algorand had recently made an investment into FlexID to create a blockchain based identity program.

The solution will be built on top of the Algorand blockchain and will likely be an innovative initiative that has the potential to accelerate adoption of the project.

Additionally, the Developing Africa Group has also been working on a tokenization engine that utilizes blockchain and it seems Algorand has a critical part to play in it.

CoinsCreed.com reports:

As reported by Coinscreed, the Nigerian government recently inked an exclusive intellectual property rights (IPR) agreement with the Developing Africa Group to build a national wallet that will enable the international commercialization of any IP form created and registered in Nigeria, both locally and globally.

The Developing Africa Group has chosen Koibanx as the country’s tokenization and payment engine, with the Algorand Blockchain as the protocol on which it will be developed.

The wallet, as well as tokens for both the IP and the stable token, will be developed by Koibanx (equivalent to the Naira).

Algorand has also recently made an undisclosed investment in FlexID in order to further develop its Self-Sovereign Identity (SSI) technology.

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