Algorand Foundation expands footprint in India with new collaborations

November 30, 2023 12:13 AM PST | By Invezz
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The Algorand Foundation is expanding its presence in India using strategic partnerships. The platform has secured collaborations with some of the leading entities in India, which will aid in its mission of expansion into the country.

One of the entities that Algorand has partnered with is NASSCOM. The latter is a trade body and chamber of commerce for the tech industry in India. It has also partnered with TiE Bangalore and the Mann Deshi Foundation.

Algorand expands its presence in India

Algorand first ventured into India earlier this year. At the time, the blockchain protocol set up an initiative known as AlgoBharat.

Through AlgoBharat, Algorand worked with the Self-Employed Women’s Association (SEW) to support women-led enterprises to create blockchain solutions.

It also worked alongside Jawaharlal Nehru Technological University and the Indian School of Business on various development programs.

AlgoBharat will now support more initiatives in India after securing more partnerships. It will work with the FutureSkills Prime skilling hub at NASSCOM to improve upon the Web3 capabilities of young people.

By working with the Mann Deshi Foundation, AlgoBharat will support women entrepreneurs by helping them create a credit score system and identity platform powered by blockchain technology.

Algorand will also work with TiE Bangalore, which supports entrepreneurs globally. It will ensure that these entrepreneurs can access educational initiatives that will support the growth of the Web3 industry in India.

Fostering financial inclusion

The CEO of Algorand Foundation, Staci Warden, opined that within a year, Algorand Foundation secured strategic partnerships and innovative blockchain offerings with key players across India. Warden further noted that this offering could impact millions in underserved communities.

Algorand Foundation’s India Country Head, Anil Kakani, shared a similar opinion, saying the protocol used partnerships to grow its presence in India.

One of these partnerships is an organizational one that will expand the Web3 foundation in India.

Kakani further said that the platform would expand the developer base in India and create new partnerships with immense use cases that appeal to the target audience. He further noted that Algorand wanted to build upon India’s plans for a digital rupee.

“We are not going to regulators with recommendations but we are waiting for India’s central bank digital currency to happen. We want to see how we can build on that but as a protocol, our heavy focus is real-world utility,” Kakani said.

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