The Algorand Foundation recently announced a new collaboration in India, which may explain Algorand's recent growth.
- ALGO has increased by 11.51% as per CoinMarketcap.
- Algorand has also released a developer tool suite called AlgoKit.
Algorand (ALGO), the blockchain-based cryptocurrency protocol that uses proof-of-stake technology, is up more than 11% in 24-hour trading following the headlines of its partnership in India. The partnership agreement it believes will help India’s growing economy as it transitions from Web2 to Web3.
As per reports, the three main areas that AlgoBharat will concentrate on in India are growing the Web3 developer community, and supporting and investing in the Web3 startup environment. And forming strategic alliances with well-established businesses. That is like government agencies, non-profits, and academic institutions. In order to create Web3 apps using the protocol, the Algorand Foundation has also released a developer tool suite called AlgoKit.
In an interview, Anil Kakani, the vice president and the Indian head at the Algorand Foundation stated:
India was effectively the back office of Web2, right? The innovation might have been led somewhere else.
Algorand has recently disclosed partnerships with the state of Maharashtra. To develop 100 million non-fungible tokens (NFT) to store personal health data. With the Self Employed Women’s Association (SEWA) to support women-led businesses developing blockchain solutions. And with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs.
Also, Algorand has collaborated with T-Hub. Ththe top innovation centre in India with over 600 corporate partners, including Microsoft, Intel, AWS, Boeing, Meta, and Boeing.