IDEX eyes expansion, teams up with Algorand to create a next-gen decentralized exchange
IDEX is the #1 DEX on Ethereum while Algorand is an open-source software company founded by Turing award winner Silvio Micali
IDEX and Algorand are going to collaborate to build a comprehensive network for non-custodial trading. IDEX, the world’s leading decentralized exchange, aims to expand their reaches to other platforms where in-demand asset exists. This partnership also highlights the fact that both of the parties involved are focussed solely on advancing and improving the blockchain technology through research and building strategic relationships.
Why Algorand?
The Algorand platform has been built to deliver high speed, security, and decentralization. By leveraging its technology, IDEX can develop solutions that provide full finality, tokenization of assets, and programmatic transfers at the Layer-1 level itself. Plus, Algorand is also bringing in some innovative new primitives which will allow IDEX to delegate smart contract complexities onto the platform’s native features. Because of all the interesting features available on the platform, IDEX is looking forward to closely work with the platform to develop financial tools and services to support the new economy.
Algo Capital - the financial institution focused on accelerating access, adoption, and liquidity of the Algo tokens - had earlier announced the closing of its Algo VC Fund at $200 million. IDEX has been named as one of the initial portfolio companies of this fund.
About IDEX
IDEX is the #1 DEX on Ethereum. It provides retail and institutional customers with a secure, trustless, and real-time trading experience backed by transparent blockchain settlement. IDEX has a hybrid design wherein it manages trade matching and balance updates off-chain. This allows them to eliminate mining delays and enables continuous trading, multiple simultaneous orders, and zero-fee cancellations.
About Algorand
The brainchild of cryptography pioneer and Turing award winner Silvio Micali, Algorand is an open-source software company building technical innovation for the borderless economy. The platform has a first-of-its-kind permissionless and pure proof-of-stake protocol. This allows them to provide a high degree of scalability, open participation, and transaction finality.