BridgeTower Capital to use Algorand as a preferred blockchain for BridgeTower products and services
United States, April 18, 2021 /AlexaBlockchain/ – BridgeTower Capital, a global private equity firm, focusing on traditional private equity investments and blockchain and DeFi markets, has partnered with Algorand.
Algorand, the creator of the world’s first pure proof-of-stake foundational blockchain, is a leading blockchain technology company accelerating the convergence of decentralized and traditional finance.
Today, nearly 1 million transactions per day are posted on Algorand’s blockchain. In addition, over 4.5 million assets have been issued on chain and more than 500 companies are currently developing applications on Algorand, taking advantage of the unique layer-1 smart contracts and the other functionalities enriching the platform.
BridgeTower To Leverage Algorand’s Blockchain Technology for its Products and Services
BridgeTower will use Algorand’s technology as the underlying blockchain solution to issuance of the BridgeTower Capital tokenized digital security. It will also use Algorand as a preferred blockchain for BridgeTower products and services.
Why BridgeTower Selected Algorand’s Technology?
BridgeTower stated that beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts.
BridgeTower CEO, Cory Pugh, commented on the selection of Algorand:
“Algorand was a clear choice given their technology, team and leadership position in the digital marketplace. It is another important piece falling into place our effort to bring a new-world vision to private equity to maximizing the growing opportunities in blockchain and DeFi in private equity. It’s gratifying to see it coming together and to now see others enthusiastically validating the vision.”
BridgeTower is bringing a traditional operational business approach to its decentralized finance business by building recurring revenue and EBITDA growth as well as providing funding to growth companies with to create increased valuations. BridgeTower’s current blockchain staking product has grown substantially to more than $60 million assets under delegation within two months of launch. BridgeTower will aggressively add self-hosted Nodes over the coming months.
David Markley, Business Solutions at Algorand, said:
“Algorand’s partnership with BridgeTower is based on our aligned vision to provide access to decentralized assets and products as well as a shared focus to expand opportunities in financial services through advanced blockchain technology. We are excited BridgeTower will be leveraging Algorand to allow investors to become shareholders in their tokenized private equity firm and admire their leadership in tokenized security offerings.”
This past month BridgeTower also announced it has formed a Zurich-based entity to further expand its current products and partnerships.