• Algorand (ALGO), a blockchain-based cryptocurrency protocol, has increased by 11.51% in 24-hour trading following its partnership with India.
• The partnership agreement will focus on growing the Web3 developer community, supporting and investing in the Web3 startup environment and forming strategic alliances with well-established businesses.
• Algorand has also released a developer tool suite called AlgoKit and announced collaborations with the state of Maharashtra, SEWA, Jawaharlal Nehru Technological University and T-Hub.
Algorand (ALGO) Price Surge
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.
Focus of Partnership Agreement
The partnership agreement which it believes will help India’s growing economy as it transitions from Web2 to Web3 will focus on three main areas – growing the Web3 developer community, supporting and investing in the Web3 startup environment and forming strategic alliances with well-established businesses like government agencies, non-profits and academic institutions.
AlgoKit Developer Tool Suite
In order to create Web3 apps using the protocol, the Algorand Foundation has also released a developer tool suite called AlgoKit.
Collaborations With Indian Entities
Algorand has recently disclosed partnerships with the state of Maharashtra to develop 100 million non-fungible tokens (NFT) to store personal health data, with Self Employed Women’s Association (SEWA) to support women led businesses developing blockchain solutions and with Jawaharlal Nehru Technological University and Indian School of Business to launch faculty development programs. It has also collaborated with T-Hub which is one of top innovation centre in India having 600 corporate partners including Microsoft, Intel AWS etc.,
Conclusion
With its various partnerships across different sectors in India, Algorand is all set to capture Indian crypto market.