Shift Markets Awarded Grant from Algorand Foundation
Shift awarded a grant to begin work on new DeFi platform
The Algorand Foundation announced today that it has awarded a grant to Shift Markets DeFi platform, Cables. The Cables platform is being incubated by Shift Markets, which has been in existence since 2009, with infrastructure to deploy a versatile v1 stablecoin orderbook-based DEX on the Algorand Network. The Cables project will use this grant to propel itself into the first stage of development for the product. The v1 stablecoin DEX will be the foundation for the future vision of Cables to bring more FX products to the crypto environment.
Cables will build Algorand compatibility into the technology stack it offers to all digital asset clients of the Shift Markets network of exchanges. This integration will allow for Algorand-based digital assets to be available for any new or existing clients within the network.
The grant will allow Cables to hire the necessary developers to launch the v1 stablecoin orderbook-based DEX product. Additionally, the grant will stand up Cables to become a disruptor in the space by bringing traditional FX products to the crypto environment. The v1 of Cables, built on Algorand, will take advantage of Algorand’s core features of decentralization, scalability, sustainability and security. Additionally, building on Algorand will allow for cost-efficient transaction fees, and ensure clawback and freeze functionality for regulators and issuers.
Foundational Features of Cables
- Global and Diversified Stablecoin Offerings
- WalletConnect Integration
- Real-Time Settlement
- Post-Trade Reporting Dashboard
“Algorand is primed for exponential growth like other L1s in the ecosystem. With an academic first approach, we believe Algorand has set itself apart from L1s and has a big opportunity to secure governments to build CBDCs on it.” — Alex, Cables Lead
“We’re very excited to partner with Cables and integrate the Algorand blockchain with the Shift Markets DeFi platform. Cables are well placed to disrupt the market and bring traditional FX products to the crypto market. Partnering with Cables through our grant program also opens up the opportunity for Algorand-based digital assets to be available to the Cables user base”. — Jason Lee, COO, Algorand Foundation.
For more information on Shift please visit https://www.shiftmarkets.com/ or follow them on Twitter. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.