Institutional investors are flocking to this Altcoin project: record entry!

Institutional investors are flocking to this Altcoin project: record entry!

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Institutional investment products based on Algorand saw a record inflow of $20 million. This is due to the collaboration of the altcoin project with the government and large corporations.

Altcoin Project Sees Record Weekly Fund Inflows

According to digital asset management firm CoinShares, Algorand-based institutional investment products saw a record $20 million in inflows the previous week. According to Chinese crypto-journalist Colin Wu, this could be related to recent Algorand Blockchain launches.

Inflows of digital asset investment products totaled $87 million last week, bringing year-to-date inflows to $0.52 billion. Bitcoin received an inflow of $69 million, bringing the year-to-date total to $369 million, even though total assets under management were at their lowest since July 2021 due to weak prices . Last week, Bitcoin saw an entry of $1.8 million, which indicates that the market has not completely changed its bearish tones.

Emerging Africa Group has chosen Koibanx as the country’s tokenization and payment engine, with Algorand Blockchain as the protocol to be established. Koibanx will be responsible for token development for the IP and stable token (equivalent to Naira) as well as the wallet. Algorand also made an undisclosed investment in FlexID to develop Self-Sovereign Identity (SSI) technology.

Accompanied by all this news, Algorand (ALGO) is trading at $0.4031, up 8% at the time of writing.

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