With the news of its cooperation in India, the price of Algorand (ALGO), a blockchain-based cryptocurrency protocol that uses proof-of-stake technology, increased by more than 6% during a 24-hour trading period.
The collaboration arrangement would undoubtedly benefit India’s expanding economy as the country transitions from Web2 to Web3.
Algo, trading at $0.22 as of press, had seen an increase of 5% with an increase of over 388% in its trading volume, showing the amount of activity on the assets network since its latest move.
Algorand’s India move
According to several sources, the three primary focuses that AlgoBharat would have in India are expanding the web3 developer community and investing in the startup ecosystem. The company aims to create a more favorable climate for web3 startups and establish strategic partnerships with companies with a strong market presence.
Those are comparable to governmental bureaus, charitable organizations, and educational establishments. In addition to the protocol, the Algorand Foundation has also distributed a set of developer tools under the name AlgoKit. These tools may be used to construct Web3 applications.
Moreover, recent public announcements by Algorand concern partnerships with the state of Maharashtra to create one hundred million non-fungible tokens (NFT) to store individual health information.
The company collaborated with the Self-Employed Women’s Association (SEWA) to assist companies run by women in developing blockchain-based solutions. In addition, in partnership with Jawaharlal Nehru Technological University and the Indian School of Commerce, faculty development programs will be initiated.
In addition, Algorand has worked with T-Hub, the leading innovation center in India. T-Hub has over 600 business partners, some of which include Microsoft, Intel, Amazon, Boeing, Meta, and Boeing.