• Algorand (ALGO) is up 12% following the announcement of a new partnership in India and news of a new Algorand developer toolkit.
• The partnership with AlgoBharat aims to bring real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.
• Other partnerships include the State of Maharashtra, Self Employed Women’s Association (SEWA), Jawaharlal Nehru Technological University and Indian School of Business.
Algorand Up Over 12% Following Partnership in India
Algorand (ALGO)—the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology—is up over 12% in 24-hour trading following the announcement of its partnership in India and news of a new Algorand developer toolkit.
Partnership with AlgoBharat
The Algorand Foundation has announced a partnership deal with AlgoBharat, which will support India’s burgeoning economy as it moves from Web2 to Web3. According to Anil Kakani, vice president and the India country head at the Algorand Foundation, this partnership will focus on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem. These use cases are expected to apply not only to freelance workers but also for more complex financial transactions.
In addition to the partnership with AlgoBharat, other partners include:
• The State of Maharashtra – where they plan to create 100 million NFTs for storing personal health data;
• Self Employed Women’s Association (SEWA) – helping women-led enterprises build blockchain solutions;
• Jawaharlal Nehru Technological University & Indian School of Business – launching faculty development programs focusing on education.
Push Into One Of World’s Most Populous Countries
Alogrand’s recent push into India is an attempt at making use cases that have „greatest real world utility“ by providing solutions from Web 2 services into Web 3 solutions in one of the world’s most populous countries. With millions of users already utilising such services and hundreds of thousands more joining them each day, this move could prove beneficial for both parties involved.
India is rapidly becoming one of the biggest markets for blockchain technologies, and with ALGO’s partnerships quickly growing within this space it looks like they are well placed as one potential leader in this sector moving forward.