The Algorand Foundation announces today that it has awarded a grant to Glitter Finance. The grant award will facilitate the creation and development of a cross-chain bridge between five blockchain ecosystems, Algorand, Solana, Cudos, Terra, and Polygon.
Glitter Finance will first create a bidirectional bridge between Algorand and Solana.
Glitter Finance specializes in the development of AI solutions on the DeFi ecosystem to transfer, which enables traders to trade their digital assets across various blockchain networks with ease, without the assistance of middlemen or intermediaries.
Glitter Finance is creating an ‘ease of movement between blockchain ecosystems’ platform, with a backbone rooted in the Algorand technology. Glitter Finance will first create a bidirectional bridge between Algorand and Solana, which will include integrated yield pools on both blockchains, allowing the bridge to become an investment platform due to the redeployment of synthetic tokens created by the Glitter Bridge on blockchain 2 (which, as it is a bidirectional bridge can be either Solana or Algorand), and redeployed into the yield pools. Glitter further aims to integrate a fiat portal into the platform, along with algorithmic trading. These technologies will be integrated into the Glitter Finance Platform to facilitate mass adoption into DeFi. The ultimate purpose of Glitter Finance is to decrease the knowledge threshold and increase the ease of using a DeFi platform for people outside of the crypto world.
David Dobrovitsky, CEO & Founder of Glitter Finance said:
“Algorand is an ecosystem that I have admired for a very long time, having been a resident of the Boston area and interested in the tech scene there. Algorand always stood out to me due to the seriousness of purpose, the excellence of technological innovation, the lack of frivolity, and the thoughtfulness with which the technology was created by both the developers of the ecosystem and the great cryptographer, Silvio Micali. As such, I am excited to work with the Foundation and grateful for the Foundation’s support of my vision to help deepen interoperability within Algorand, and the supported blockchain ecosystems present in Glitter.”
Sean Lee, Algorand CEO noted:
“DeFi developers and projects require confidence in the platform they choose to build on and we’re delighted to support Glitter Finance in bringing key DeFi infrastructure to Algorand through our grant program. Improved interoperability in the DeFi blockchain space will fuel significant growth of the DeFi ecosystem on Algorand, and importantly will connect traders across ecosystems, providing a much-improved user experience”.
About Glitter Finance
Glitter Finance is a multinational company that specializes in the development of AI solutions to enable traders on the DeFi ecosystem to transfer their digital assets across various blockchain networks easily, without the assistance of middlemen or intermediaries.
The company, led by serial entrepreneur, Founder and CEO, David Dobrovitsky, has developed an enterprise-level, advanced, cross-chain bridge — Glitter Finance — a platform that creatively addresses the challenges associated with traditional cross-chain platforms, especially the issue of capital inefficiency.
About Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology. With a commitment to ensuring strong, lasting support for blockchain innovation, the Algorand Foundation fosters an open and transparent system where anyone can participate, develop, and innovate on the permissionless Algorand protocol guided by the vision of an inclusive economy.