Algorand record breaking $20 million in inflows

According to the digital asset management company CoinShares the Algorand-based institution investment products racked up a record-breaking $20 million in flows in the previous week. Based on Chinese Crypto reporter Colin Wu, this could be related to an increase in the Algorand blockchain's recent releases.

Algorand record breaking $20 million in inflows

Inflows into investment in digital assets product totalled $87 million in the last week, bringing the year-to-date total at $0.52 billion. Bitcoin saw $69 million in outflows, bringing the year-to-date number to $369 millions even though the total funds under management remain at the lowest since July 2021 because of the weakening price. This week, the bitcoin was short Bitcoin experienced $1.8 million in inflows suggesting that the market isn't completely gotten rid of its bearish undertones.

Ethereum has continued to fall this week, with outflows of $11.6 million and bringing the year-to date net outflows to $250 million. This is contrary to the majority of other cryptocurrency. The majority of altcoins saw inflows of $1.8 million and $0.4 million, respectively. Solana and Tron both getting $1.8 million , and $0.4 million, respectively.

The recent launches of Algorand

The Nigerian government has entered into an exclusive IPR (intellectual right to property) deal with Developing Africa Group to launch an online wallet for the country that allows global commercialization of every IP forms developed and registered within Nigeria, locally and internationally.

The Developing Africa Group has picked Koibanx as its country's payment and tokenization engine, using an Algorand Blockchain as the protocol upon which it will be developed. Koibanx is responsible for the development of the wallet and also tokens that will be used for both IP along with the steady cryptocurrency (equivalent in value to Naira).

Algorand has also recently announced an unannounced investment in FlexID to help develop the self-sovereign Identity (SSI) technology.

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