El Salvador signs a Cooperation Agreement with Koibanx to Develop the Government’s Blockchain Infrastructure on Algorand
August 31, 2021 — San Salvador, El Salvador — Koibanx, a leading Latin American asset tokenization and Blockchain financial infrastructure company, announced today that it has signed a cooperation agreement with the government of El Salvador, a sovereign nation that uses the US dollar, to develop its blockchain infrastructure on top of Algorand’s technology.
Koibanx chose to leverage Algorand’s blockchain in several recent national public and private initiatives across Latin America, including a national blockchain-based COVID certification program, a point-of-sale credit issuance system and various smart contract financing platforms. Designed for broad participation across a variety of use cases, Algorand’s technology provides the performance, scalability, security and functionality required to implement large scale projects around the world. Koibanx is making strides across Latin America to bring more efficient infrastructure and tools to the region’s burgeoning digital economy.
“El Salvador is paving the way for other countries to make the promise of blockchain a reality. We are honored 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 & 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 requirements for speed, security and stability.”
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s public, open source blockchain infrastructure provides interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value.
Since 2015 Koibanx has helped banks and financial institutions integrate crypto into their banking cores while connecting financial products through Blockchain infrastructure. Payments, factoring, and the tokenization of a variety of financial assets can be executed more efficiently and securely on the Koibanx platform. The company seeks to connect the LATAM financial industry over a shared infrastructure for the benefit of all players. For more information, visit https://www.koibanx.com.