Algorand Products See $20 Million Weekly Inflows

Algorand saw record inflows last week totaling $20 million which was likely triggered by new product launches

Algorand Products See $20 Million Weekly Inflows
Algorand Products See $20 Million Weekly Inflows

Algorand Saw Record Inflows Last Week

Institutional investment products based in Algorand had a record-breaking $20 million in inflows in the previous week, according to digital asset management firm CoinShares. This could be tied to the Algorand blockchain’s recent launches, according to Colin Wu.

— Wu Blockchain (@WuBlockchain) May 30, 2022

Last week, $87 million was invested in digital asset investment products, bringing the year-to-date total to $0.52 billion.

Despite the fact that overall assets under management are at their lowest levels since July 2021 owing to market weakness, Bitcoin received $69 million in inflows, bringing the year-to-date total to $369 million.

Short Bitcoin had $1.8 million in inflows last week, indicating that the market’s pessimistic undertones have yet to fade.

In stark contrast to most other cryptocurrencies, Ethereum resumed its downward trajectory last week, with outflows totaling $11.6 million, bringing the year-to-date net outflows to $250 million.

The majority of other altcoins saw inflows, with Solana and Tron receiving $1.8 million and $0.4 million, respectively.

Algorand’s Recent Launches

As reported by Coinscreed, the Nigerian government recently inked an exclusive intellectual property rights (IPR) agreement with the Developing Africa Group to build a national wallet that will enable the international commercialization of any IP form created and registered in Nigeria, both locally and globally.

The Developing Africa Group has chosen Koibanx as the country’s tokenization and payment engine, with the Algorand Blockchain as the protocol on which it will be developed.

The wallet, as well as tokens for both the IP and the stable token, will be developed by Koibanx (equivalent to the Naira).

Algorand has also recently made an undisclosed investment in FlexID in order to further develop its Self-Sovereign Identity (SSI) technology.