Benzinga | Jan 13, 2022 11:47AM EST

BTCS Adds Algorand To Its Blockchain Infrastructure Operations

Silver Spring, MD, Jan. 13, 2022 (GLOBE NEWSWIRE) -- BTCS Inc. (NASDAQ:BTCS) ("BTCS" or the "Company"), a blockchain technology-focused company, announces it has added Algorand ("ALGO") to its infrastructure staking operations. Algorand's blockchain features asset development, atomic swaps and smart contract execution. BTCS earns revenue by being rewarded with additional tokens. The Company has also deployed a proprietary script to compound its rewards daily.

Launched in 2019 by Turing Award-winning MIT professor and computer scientist, Silvio Micali, ALGO is an $9.5-billion payments-focused, decentralized network that enables processing speeds of 1,000 transactions per second ("TPS") and achieves block finality in less than five seconds.

"More than 500 global organizations leverage Algorand's technology -- from university partners (MIT, UC Berkeley, Peking University), to ecosystem players (Orion Protocol, Chainalysis, Hummingbot), to key stakeholders (Union Square Ventures, Cumberland Advisors), to government enterprises (Marshall Islands). Given this, we believe ALGO is a great addition to our blockchain infrastructure efforts," stated Michal Handerhan, Chief Operating Officer of BTCS.

"The ALGO Foundation proposed a roadmap going out as far as 2030 focusing on ecosystem support, community incentives and decentralized governance. We look forward to monitoring its developments over the years," said Mr. Handerhan.