WSBA, or, The Wall Street Blockchain Alliance, declared on April 23 that the proof-of-stake cryptocurrency platform, Algorand, has entered their alliance as a corporate member.

According to the post, Algorand is coupling up with many of the tech and finance companies that are operating with the WSBA. Their aim is to exploit the potential that blockchain technology provides for financial markets.

Blockchain adoption within financial markets sphere

The decision was glorified by Ron Quaranta, Chairman of the WSBA. He said that the technology provided by Algorand meets the standards of what the collaboration is attempting to increase — blockchain adoption across financial markets.

He said in a statement: “Founded by world-renowned computer scientist and Turing Award winner Silvio Micali, whose work is at the heart of modern-day cryptography, Algorand presents a permissionless Pure Proof of Stake technology that will be instrumental in the development of a decentralized, borderless economy.”

Following a similar line, W. Sean Ford, chief operating officer of Algorand, emphasized that the WSBA is using a “unique approach” by bringing leaders in the industry collectively.

Concerning its cooperation in the alliance, Ford stated in a statement:

“With recent accelerated adoption across open finance, traditional finance, and central bank digital currency initiatives, Algorand is well-positioned to bring a fresh perspective to alliance members. I look forward to our participation in this prominent group.”

Algorand’s recent momentum in the blockchain industry

Currently, the Algorand platform has been achieving popularity within the blockchain ecosystem.

It was reported on March 16 that blockchain investment company, Eterna, coupled up with Borderless Capital to launch “Eterna Borderless Venture Studio.” The goal of this studio is to promote projects on the Algorand platform.

The declaration intends to drive adoption and extension by contributing resources to decentralized app developers and entrepreneurs.