The team also asked the community to stay tuned for a surprise.
The price of ALGO went up around 5% in the last 24 hours as per CMC.
On Wednesday, Blockchain Protocol Algorand (ALGO) went up around 5% in the last 24 hours as per CMC, as the layer 1 technology was in the headlines for all the right reasons. Other than the news that it will be used to power Italy’s digital assurances platform last month.
There has been an announcement that the blockchain has completed its one billionth transaction. That, by itself, is a tremendous accomplishment. The team also asked the community to stay tuned for a surprise which will be announced soon.
Massive Boost in Italy
Last month, during an event sponsored by the Research Center for Technologies Innovations and Finance (CETIF) in Milan, Algorand joined the Bank of Italy and the Italian insurance body IVASS to show how bank and insurance guarantees may be produced on blockchains. A bank guarantee is a kind of financial insurance issued by a bank, whereby the bank guarantees that the debtor will pay off whatever obligations it has taken on.
Moreover, the statement claims that the new platform will be the first time an EU member state allows the use of blockchain technology for bank and insurance guarantees when it goes into effect in the beginning of 2023.
Furthermore, the action is part of a larger EU plan termed the “EU Recovery Plan,” under which the EU contributed almost 200 billion euros to Italy. The purpose of the initiative is to aid in the economic recovery after the COVID-19 crisis. In terms of the total allocation, the highest portion designated for use in co-grants and co-loans went to Italy.