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The National Australia Bank (NAB) has become the second major Australian bank to create a stablecoin, titled the AUDN. The stablecoin would allow its business customers to settle transactions on blockchain technology using Australian dollars in real-time.
NAB chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin, which is backed 1:1 by the Australian dollar (AUD), was based on the bank's belief that blockchain infrastructure will play a key role in the new evolution of finance.
The National Australia Bank announced that it will soon launch a new stablecoin backed by the Australian dollar on Ethereum and Algorand.
Algorand CEO reiterated that it was not a partnership
Algorand up 15% on the week as its TVL records YTD high
The ever evolving cryptospace is home to a myriad of digital assets and protocols. One such emerging protocol is Algorand, which has managed to establish is reign in the industry. The network is built on the Pure Proof of Stake consensus mechanism. ALGO is a native token of the platform.
Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks.
Algorand [ALGO] flashed in the headlines because of its latest achievement. DeFiLlama revealed that Algorand's total value locked (TVL) registered a massive increase by growing over 137%.
The crypto world may be experiencing a new bullish season
The pessimistic mood still present around risk assets, including cryptocurrencies, has been disregarded by the Algorand price. On January 12, the scalable blockchain token was valued at 25% higher than it was at the start of the year.
Catch up on the latest crypto market news at The Currency Analytics. The Algorand blockchain has a diverse ecosystem of thriving projects working towards inclusivity and opportunity for the entire community.
On the hourly chart, the price recovery for Algorand (ALGO) is displaying a circular bottom. Over the previous three days, buyers have increased the price of ALGO by more than 10%.
Key Points: In 2023, Algorand [ALGO] gets off to a tremendous start. The network just passed the one billion transaction mark, which is significant in terms of utility.
Algorand [ALGO] is off to a great start in 2023. The network just crossed the one billion transactions milestone, which is a big deal as far as utility is concerned.
Algorand has gained 16.5% within the past six days of trading, after dropping to a low of $0.1598 on 30 December. This move was appreciable but did not change the higher timeframe trend of Algorand.
Over the past two weeks, Algorand's chart has been stabilizing, but the persistent lateral trading has driven the bulls out of the market.
Crypto tokens that fell below the $1 billion market cap threshold include Terra Classic, as well as Helium, Axie Infinity, and The Sandbox.
The Algorand price has been downward for quite a few months now. The coin has fallen by 1.8% over the last 24 hours.
ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month. After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset's current support zone.
The past ten days of trading did not see much price action develop, as most assets in the crypto markets traded within a tight range. Preceding this calm, a bearish storm had been raging for many altcoins.
A popular crypto analyst is ranking Cosmos (ATOM) and Algorand (ALGO) among his top five altcoins to invest in during a recession.
The cryptocurrencies that performed the worst this week are the following altcoins.
Algorand's Pure Proof of Stake (PPoS), which utilizes a Proof of Stake (PoS) variant, puts an emphasis on fairness and decentralization while choosing validators in an anonymous, random manner.
The $HDUP cryptocurrency will power the HedgeUp platform, allowing users to earn passive income from alternative investment instruments such as wine, diamonds, aviation, gold, fine art, and luxury watches
