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| Image: ZTLment / PR |
ZTLment: The First European Blockchain Payment Institution, Built on Algorand
Last Friday the Algorand Foundation released an Q&A article with Europe's first blockchain payment institution, ZTLment.
ZTLment is a Danish smart contracts software company, which is October of 2022 became the first company in Europe to receive a license for operating payments on top of a blockchain, namely Algorand.
This means that ZTLment is now allowed to perform peer-to-peer exchanges of the European currency Euro, funneled by blockchain transactions.
Frictionless Trade Across Borders
The co-founder and CEO of ZTLment, Mads Stolberg-Larsen, told the Algorand Foundation in an interview that their vision was to enable frictionless cross-border trade, while bridging the $1.7 trillion global trade finance gap.
He went on to explain how ZTLment works - "Smart contracts software combines data from the cloud with transaction execution on the blockchain", and added "As soon as a contract is signed at the start of a business workflow, the software can trigger payments and financing based on any milestone in the workflow. Funds are then moved automatically seconds later."
➡️To start off the new year in style, we’ve also been featured by @Algorand - our blockchain of choice - to talk about what we’re up to. Read more here: https://t.co/E2xLeUMK5N
— Mads Stolberg-Larsen (@mads_stolberg) January 27, 2023
Reasons For Choosing Algorand
According to Stolberg-Larsen, Algorand has some technical aspects that are beneficial for regulated enterprise applications, such as ZTLment. The main point is that Algorand runs a permissionless and pure proof-of-stake consensus mechanism, due to which it's secure, fast and cheap.
He also points out that Algorand's virtual machine (AVM) is able to handle high transaction output, while only requiring a relatively low amount of computational power and energy consumption.
Read the full interview from Algorand.
