• Algorand (ALGO) — the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up over 12% in 24-hour trading following the announcement of its partnership in India and news of a new Algorand developer toolkit.
• The new partnership will focus on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.
• The announcement of Algorand’s continued push into India, one of the world’s most populous, educated, young and well-connected countries.
Algoland Up Over 12%
Algorand (ALGO) — the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up over 12% in 24-hour trading following the announcement of its partnership in India and news of a new Algorand developer toolkit.
Partnership Aiming at Real World Utility
The new partnership will focus on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem. According to Anil Kakani, vice president and the India country head at the Algorand Foundation, the new use cases they envisage will apply to not only the millions of freelance workers in the country but also for more complex financial transactions.
Partnerships with Governments and Ministries
Blockchain use cases that have the greatest real world utility are happening here in India said Kakani, adding that they have partnered with various entities including governments and ministries which have hundreds of thousands if not millions users and they want to handhold their transition from web 2 to web 3 solutions.
Creating 100 Million NFTs
AlgoBharat has been selected as ALGO’s partner for Indian development projects which plans on creating 100 million NFTs for storing personal health data according to CoinDesk. They have also partnered with Self Employed Women’s Association (SEWA) for supporting women led enterprises on building blockchain solutions, Jawaharlal Nehru Technological University and Indian School of Business for launching faculty development programs focusing mainly on education.
India One Of The World’s Most Populous Countries
The announcement Mar 29th of Algorand’s continued push into India, one of world’s most populous countries puts them at an advantage due its educated youth population who are tech savvy and well connected online making them ideal candidates for their DeFi offerings.