Ferrum Network, an interoperability project designed to connect different blockchain networks, became the latest partner of high-performance blockchain Algorand (ALGO).
According to the Ferrum Network’s official announcement, its suite of products is now connected to Algorand’s (ALGO) blockchain ecosystem.
Starting in April 2022, Ferrum Network’s Staking-as-a-Service (SaaS) becomes accessible to all Algorand (ALGO) partners, including current and new projects.
This integration follows Ferrum Network’s acceptance of a grant from the Algorand Foundation. Ferrum Networks are now available to any product that uses the ASA token standard.
Ferrum Network’s executive vice president of partnerships and growth, Nick Odio, highlights that this is the company’s first connection with a non-EVM blockchain.
Daniel Oon, the Algorand Foundation’s head of DeFi, is certain that the integration will improve the UX/UI and incentives for staking instruments offered in Algorand’s ecosystem.
Ferrum Network plans to implement the mainnet version of the multi-chain token bridge for every Algorand-based token by the end of Q2 2022.
As a result, many EVM-based tokens will be smoothly linked to assets generated using the Algorand Virtual Machine (AVM). This integration also makes Algorand (ALGO) fully interoperable with non-EVM blockchains.
