- SFB Technologies to Partner with Blockchain Protocol to Provide 
Infrastructure for Marshall Islands Sovereign Digital Currency

SFB Technologies announced today that the blockchain for the world's first 
national digital currency, the Marshallese sovereign (SOV), will be built using 
Algorand technology. The SOV will circulate alongside the US dollar and help 
the Marshall Islands efficiently operate in the global economy.  

Algorand is the inventor of an open-source, pure proof-of-stake blockchain 
protocol that enables the development of scalable blockchain-native solutions 
for real-world use cases. SFB Technologies, the appointed organizer for the 
Marshallese sovereign initiative, chose the Algorand protocol for its speed, 
scalability, security and its ability to effectively implement required 
compliance controls and the transaction finality needed for a national currency.

"Algorand was selected after extensive market research among the leading 
protocol options," said Jim Wagner, co-founder and CTO of SFB Technologies. 
"The company has already powered several mainstream use cases and thanks to its 
unique features the platform has the functionality required to issue, manage 
and distribute the SOV on a global level. This partnership ensures that the SOV 
will be built on a scalable and secure platform."

"The Marshall Island's vision for global participation and inclusion in an open 
financial system by harnessing the benefits of blockchain technology is aligned 
with a truly global and decentralized society that we believe is made possible 
with our technology," said Silvio Micali, founder of Algorand. "We are proud to 
support the country on its groundbreaking journey towards mainstream digital 
currency adoption."

The government of the Marshall Islands will oversee the SOV and leverage the 
combination of Algorand's blockchain functionality and SFB Technologies' 
identity management and compliance platform.

Kenneth Kedi, Speaker of the Marshallese Parliament, expressed, "I am excited 
about the technological partnership with Algorand. With it, a strong alliance 
is forming to develop the SOV project. This is another milestone towards 
developing the Marshall Islands financial services industry."  

The SOV supply will be algorithmically fixed to grow at 4% each year to prevent 
runaway inflation. The SOV will be introduced through a token pre-sale: rights 
to future SOV will be sold in a series of auctions as part of a time-release 
monetary issuance (TRMI), which is expected to begin this year, visit 
https://sov.foundation.

About SFB Technologies
SFB Technologies is a technology provider focused on developing the blockchain 
infrastructure that is necessary to bring together digital currencies and 
mainstream regulatory compliance. SFB Technologies is a forerunner in the field 
of sovereign cryptocurrencies and has deep expertise in combining the best 
features of corporate, government and digital currencies to create a new type 
of sovereign money. For more information, visit https://sfb-tech.com

About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure 
proof-of-stake blockchain protocol for the next generation of financial 
products. This blockchain, the Algorand protocol, is the brainchild of Turing 
Award-winning cryptographer Silvio Micali. A technology company dedicated to 
removing friction in financial exchange, Algorand Inc. is powering a financial 
evolution by enabling the creation and exchange of value, building new 
financial tools and services, while providing responsible privacy features.  
For more information, visit www.algorand.com 

Contact: Anastasia Golovina, anastasia@dittopr.co

SOURCE  Algorand Foundation