More expansion is awaiting the Web3 ecosystem as Algorand Foundation aggressively moves to promote the technology across India. The firm announced multiple partnerships, including educational development programs with schools in India, with the primary aim of driving web3 adoption in the country.
Algorand is an open-source layer-1 blockchain firm that aims to bridge the gap between traditional and decentralized finance. To actualize this vision, the firm has recently embarked on various grants and funding programs for developers and entrepreneurs who intend to build on its blockchain.
Algorand To Improve India’s Economic Inclusion Through Blockchain Tech Partnerships
Algorand’s team announced a partnership with Jawaharlal Nehru Technological University Hyderabad and the Indian School of Business to launch education programs. This project includes programs to train student developers and develop faculties. Algorand also plans to host a master class for businesses intending to venture into the Web3 ecosystem.
Algorand’s newly appointed country head in India, Anil Kakani, said the firm aims to create a sustainable impact in India through these partnerships. As Kakani explained, his team is prepared to set the pace in facilitating improved access to financial services, education, healthcare, and other solutions in India and across the globe.
The educational sector isn’t the only area where Algorand is trying its hands. The firm is also targeting Indian startups. It recently announced a partnership with T-Hub, a Hyderabad-based innovation center.
T-Hub’s CEO, Srinivas Rao Mahankali, said the partnership would grant local startups access to capital from sources across the globe. According to the T-Hub chief, their collaboration with Algorand would expand their projects globally.
The Algorand Foundation became a technical partner for the Clinton Foundation’s Global Climate Resilience Fund. The Global Climate Resilience Fund aims to help local businesses reach carbon markets and monetize carbon credits. According to Algorand Foundation CEO Staci Warden, the firm would champion women-led businesses via startups fundings and accelerator programs to increase financial inclusion.
In Warden’s statements, they’re happy to see how enthusiastic and accepting the Indian people are towards technology that can improve their quality of life. Warden also noted that the partnerships would help fulfill the potential of blockchain technology and enable the Indian ecosystem to become a more financially inclusive economy.
Algorithm Steadily Advancing Its Global Footprint
Algorand has been boosting its global presence through various programs since 2022. On December 13, 2022, the firm announced it would support an Italian bank and insurance guarantees platform. The platform would launch in early 2023.
As per the announcement, this project is the first time an EU member country is adopting blockchain technology for bank and insurance guarantees.
The new blockchain-backed insurance guarantees platform is under development by the Research Centre on Technologies, Innovation, and Finance of the Catholic University of Milan (CETIF). It is part of the Italian National Recovery and Resilience Plan’s initiative to bolster economic recovery in the country after the COVID-19 pandemic.
Algorand has not only been increasing its global presence, but it has also been improving its network scalability. According to reports, Algorand introduced a protocol upgrade in September 2022 to boost its transaction speed and processing capacity. The upgrade also improved the Algorand network’s cross-chain functionality.
Meanwhile, ALGO shows a downward momentum with a decline of 3.01% and trading at $0.2813 in the past 24 hours.
Featured image from Algorand Foundation, chart from TradingView.com
