In addition, the release noted Ledgermatic has received funding from venture capital firm Borderless Capital.
Algorand is set to form the basis of the protocol layer for Ledgermatic, allowing the company’s enterprise clients on-chain and cross-chain asset movements from its permission-secured network to Algorand’s public one.
Algorand, according to the release, boasts a suite of Layer 1 features including native Algorand Standard Assets (ASA) and atomic transfers and has also been developing co-chain functionality, which works to connect secured use networks to a public Mainnet one. The latter feature will help with meeting the complex requirements for enterprise users sensitive to privacy and transactional costs.
With digital assets being adopted more than ever, the release says enterprise finance teams are having to look more at how they can rework business operations to avoid getting left in the dust by competitors.
Ledgermatic’s technology, according to the release, helps corporates integrate digital assets and ledger-based services.
“Algorand’s Layer-1 features, sustainable ESG [environmental, social and governance] profile, key management capabilities, and the commercial interest of its ecosystem made it the stand-out choice for our use case,” Co-founder and Chief Technology Officer Isaac Fain said. “The adoption of their base layer technology forms an important step towards the realization of our vision of the evolution of corporate treasury.”
Ledgermatic CEO Luke Sully previously told PYMNTS that there could be trouble in the future for digital assets as traction grows and crypto technology transforms the ways that money is able to be moved.
Right now, Sully said many companies are dipping into the crypto pool, with treasurers looking into how the technology can be valuable. In the future, he said companies will look at how to reconcile an ecosystem that currently has both traditional and fiat currencies and that a holistic solution is needed.