Ethereum

Algorand

<h3 id="a-href-https-genfinity-io-2024-10-01-ztlment-moves-to-algorand-rel-noopener-noreferrer-nofollow-a-bold-transition-to-algorand-a"><a href="https://genfinity.io/2024/10/01/ztlment-moves-to-algorand/" rel="noopener noreferrer nofollow">A Bold Transition to Algorand</a></h3>
<p><a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment</a> decided to transition from Ethereum’s virtual machine (EVM) to <a href="https://genfinity.io/tag/Algorand/" rel="noopener noreferrer nofollow">Algorand</a> to achieve greater efficiency in scaling its regulated payment operations. ZTLment’s CTO, Jason Spasovski, explained that their internal study revealed their engineering team could build essential blockchain components 7x faster on Algorand than on other platforms. This speed boost stems from Algorand already having many of the critical components ZTLment requires built into the network.</p>
<p>One of the key advantages Algorand offers is its <a href="https://developer.algorand.org/docs/get-details/atomic_transfers/" rel="noopener noreferrer nofollow">Atomic Transaction</a> feature. This allows ZTLment to create group transactions with built-in rules that ensure all payments succeed or fail as a single unit, reducing delivery-versus-payment risk. This built-in feature reduces development complexity and mitigates risk, which is crucial for a payment platform operating under a regulated license.</p>
<p></p>
<p><a href="https://genfinity.io/2024/04/25/algorand-complete-overview/" rel="noopener noreferrer nofollow">Exploring the Algorand Blockchain: Technology, Foundation, and Future Roadmap</a></p>
<p></p>
<p>Moreover, Algorand’s multisig approval functionality adds layers of security by requiring a pre-authorized set of users to approve actions. For ZTLment, a regulated entity, security and compliance remain non-negotiable. Algorand’s native features remove the need for additional third-party tools or extra developer hours, which would otherwise introduce risks.</p>
<h3 id="the-need-for-speed-in-fintech">The Need for Speed in Fintech</h3>
<p>ZTLment has spent years developing a cutting-edge payments infrastructure compliant with EU regulations. Its unique ability to process fiat money transfers on decentralized rails is a first for Europe, and the company has already processed millions of euros for its clients. But the founders, who include industry veterans like <a href="https://www.linkedin.com/in/mads-stolberg-mathieu-52574663?originalSubdomain=dk" rel="noopener noreferrer nofollow">Mads Stolberg-Mathieu</a>, <a href="https://www.linkedin.com/in/stefankrumbaek" rel="noopener noreferrer nofollow">Stefan Krumbæk</a>, and <a href="https://www.linkedin.com/in/jason-spasovski/?originalSubdomain=dk" rel="noopener noreferrer nofollow">Jason Spasovski</a>, knew they needed more efficient technology to grow.</p>
<blockquote>
 Stolberg-Mathieu, CEO at ZTLmentOur experience in payments and blockchain taught us that customers care about three things: how easy, how fast, and how much
</blockquote>
<p>Mads explained that their goal for the next version of the product was to offer a more efficient escrow solution, fully compliant with their European payments license. The solution, he revealed, was found on the <a href="https://genfinity.io/tag/Algorand/" rel="noopener noreferrer nofollow">Algorand</a> blockchain.</p>
<p>In comparison to <a href="https://genfinity.io/category/crypto/ethereum/" rel="noopener noreferrer nofollow">Ethereum’s</a> virtual machine, Algorand’s efficiency in development times was a game-changer. ZTLment’s team was able to work on developing new components much faster, allowing for rapid innovation and deployment of new features.</p>
<h3 id="scaling-real-world-payments">Scaling Real-World Payments</h3>
<p>The commercial focus of <a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment</a> is on mid-sized platforms that handle transactions between multiple stakeholders, such as booking and ordering platforms. Many of these platforms do not have the resources to build in-house “money teams” to manage their payment operations. They also face challenges balancing compliance requirements with growth-focused priorities like customer acquisition and product development.</p>
<p>ZTLment offers these companies a flexible escrow solution that enables them to manage payments without needing a large compliance or fintech team. This solution automates the process of splitting, locking, and unlocking funds between different parties—whether it's buyers, vendors, or financiers. <a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment's</a> switch to Algorand positions it to offer these services on a much larger scale.</p>
<h3 id="a-new-era-for-european-payments">A New Era for European Payments</h3>
<p>The fintech is currently onboarding several platform customers in the autumn, with plans to open its services to the broader public by early next year. As the fintech industry continues to evolve, ZTLment’s shift to Algorand positions it as a key player in the growing blockchain-based payments sector.</p>
<p>Algorand’s institutional-grade blockchain, combined with ZTLment’s regulated payment infrastructure, promises to unlock new possibilities in cross-border payments, escrow management, and fiat-on-chain solutions. While Ethereum’s developer community may be larger, <a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment</a> has made a “contrarian bet,” as Spasovski noted, on Algorand’s stability, security, and compliance features.</p>
<h3 id="the-future-of-payments-on-algorand">The Future of Payments on Algorand</h3>
<p>By integrating Algorand, <a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment</a> has positioned itself at the forefront of blockchain innovation in Europe. The company plans to leverage Algorand’s carbon-negative and energy-efficient blockchain to scale its operations sustainably. As more companies seek out faster, cheaper, and more compliant solutions for their payment needs, ZTLment’s transition to Algorand could mark the beginning of a significant shift in the fintech landscape.</p>
<p>As <a href="https://ztlment.com/" rel="noopener noreferrer nofollow">ZTLment</a> continues to grow, its commitment to compliance and innovation will likely attract more businesses looking for reliable blockchain payment solutions. The move to Algorand opens up new possibilities for future growth, both in Europe and beyond.</p>
<p><em>*Disclaimer: News content provided by Genfinity is intended solely for informational purposes. While we strive to deliver accurate and up-to-date information, we do not offer financial or legal advice of any kind. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial or legal decisions. Genfinity disclaims any responsibility for actions taken based on the information presented in our articles. Our commitment is to share knowledge, foster discussion, and contribute to a better understanding of the topics covered in our articles. We advise our readers to exercise caution and diligence when seeking information or making decisions based on the content we provide.</em></p>

European Fintech ZTLment Moves from EVM, 7X Faster Building on Algorand

Table of Contents

GENFINITY

Other articles published on Oct 3, 2024

Join our free newsletter for daily crypto updates!