• Algorand (ALGO), a blockchain-based cryptocurrency protocol, recently announced its cooperation in India and saw an increase in price of 5%.
• The collaboration arrangement would benefit India’s economy as it transitions from Web2 to Web3.
• Algorand has been focusing on expanding the web3 developer community, investing in startup ecosystem, and creating strategic partnerships with companies.
Algorand Announces Cooperation With India
Algorand (ALGO), a blockchain-based cryptocurrency protocol that uses proof-of-stake technology, recently announced its cooperation with India. This news caused the price of ALGO to increase by more than 6% during a 24-hour trading period. Additionally, the trading volume of ALGO increased by over 388%, showing the amount of activity on the asset’s network since its latest move.
Benefits for India’s Economy
The collaboration between Algorand and India is expected to benefit India’s expanding economy as it transitions from Web2 to Web3. AlgoBharat is focused on three main goals: expanding the web3 developer community, investing in startup ecosystems, and establishing strategic partnerships with companies such as governmental bureaus, charitable organizations, and educational establishments. In addition to the protocol, Algorand Foundation has also distributed a set of developer tools under the name AlgoKit which may be used to construct web3 applications.
Partnerships With Other Companies
In addition to its collaborations with Indian companies and organizations, Algorand has also partnered with other international entities such as Self-Employed Women’s Association (SEWA) to assist women owned businesses in developing blockchain solutions; Jawaharlal Nehru Technological University and Indian School of Commerce for faculty development programs; and T-Hub, a leading innovation center in India which has over 600 business partners including Microsoft, Intel Amazon Boeing MetaX etcetera.
Creating Non Fungible Tokens
Furthermore recent public announcements by Alogrand concern partnerships with state of Maharashtra to create one hundred million non fungible tokens (NFT) for storing individual health information .
The partnership between Algorand and India will undoubtedly bring many benefits for both parties involved as well as help expand web3 technology throughout the country. Moreover ,the company’s efforts towards creating innovative solutions like NFTs will further boost their presence in this market .