In Brief:
- El Salvador is working with Koibanx to leverage Algorand for government infrastructure
- The official records will be hosted on the blockchain
The government of El Salvador has signed a cooperation agreement with Koibanx, a leading Latin American asset tokenization and blockchain financial infrastructure company to develop a blockchain infrastructure on the Algorand technology.
According to the announcement, Kobianx has chosen Algorand’s blockchain as it has already worked with it before. Koibanx has deployed various large-scale projects on the Algorand blockchain in several national public and private initiatives across Latin America. It includes a national blockchain-based Covid certification program, a point-of-sale credit issuance system, and various smart contract financing platforms.
Koibanx said Algorand provides “the performance, scalability, security and functionality required to implement large scale projects around the world.”
Koibanx already started working with El Salvador’s National Registration Center (CNR) on the project, said Koibanx CEO Elduayen. Koibanx approached El Salvador in June when the country passed the law to make Bitcoin a legal tender.
“El Salvador is paving the way for other countries to make the promise of blockchain a reality. We are honoured to be working with the government to enable Salvadoreans to access a global digital economy and the potential for a more prosperous future,” said Leo Elduayen, CEO and Founder of Koibanx.
“To make this possible, we needed technology that was robust enough to handle the needs of an entire nation. We found that in Algorand, a proven blockchain that meets our rigorous requirement for speed, security, and stability.”
