Blockswap Network, a project on a mission to help decentralized finance platforms go mainstream, has announced the launch of a sustainable saving market for mainstream users dubbed AlgoSaver backed by the Algorand EU Accelerator program. According to the firm, the newly launched AlgoSaver saving solution will offer 7% on deposits made in USD.
Notably, Blockswap made it through a rigorous process of selecting 11 projects out of the possible 200. The BlockSwap team managed to raise a total of $6 million from the public through token sales backed by Algorand.
The AlgoSaver testnet solution is expected to be launched in July 2021. Once the project releases the testnet for the public to use, users can then access a 7% APY denominated in USD.
“I am thrilled to see Algorand acquire a key infrastructure play as a result of the EU Accelerator — Algosaver will bring a fixed yield market and enable universal savings to our entire ecosystem” Addie Wagenknecht — Algorand Foundation Global Program Manager.
“With Blockswap, users can finally unlock liquidity tied up in staking and by tapping into AlgoSaver, users get to actually invest in a fixed yield product in Algorand. In a world where 2 billion people still lack access to financial services, BlockSwap’s vision of fostering universal basic savings is key to making society more inclusive,” Eterna Capital Partner Mattia Mrvosevic noted.
Blockswap prides itself in a vibrant social media community amounting to over 20,000 members who have played a significant role in the network development. By providing everyday decentralized financial ecosystem user access to proof of stake benefits, BlockSwap intends to open up the entire market for everyone in the future.
There are notable aspects that make the AlgoSaver by Blockswap network unique among other saving solutions in the financial ecosystem. Among them, the newly announced saving solution does not depend on any external oracle.
The Algorand Foundation embarked on a journey to help secure funds for promising Defi projects in a bid to improve Finance 3.0. The foundation launched two different geographical programs in 2020 that includes Algorand Asia Accelerator and Algorand Europe Accelerator.
However, other blockchain investors including Eterna Capital and Borderless Capital have participated in both Asian and European programs. As a result, BlockSwap anticipates a bright future backed by the notable blockchain and cryptocurrency investors.