With the news of their cooperation in India, the price of Algorand (ALGO), a blockchain-based cryptocurrency protocol that uses proof-of-stake technology, surged more than 6% during a 24-hour trading period.
The collaboration agreement would certainly benefit India’s expanding economy as the country transitions from Web2 to Web3.
Algo, trading at $0.22 at press time, had seen a 5% rise with a more than 388% increase in its trading volume, showing the amount of activity on the asset network since its last motion.
The Algorand India Movement
According to various sources, the three main 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 alliances with companies with a strong presence in the market.
Those are comparable to government offices, charities, and educational establishments. In addition to the protocol, the Algorand Foundation has also distributed a developer toolkit under the name AlgoKit. These tools can be used to build Web3 applications.
Additionally, Algorand’s recent public announcements refer to partnerships with the state of Maharashtra to create one hundred million non-fungible tokens (NFTs) to store individual health information.
The company collaborated with the Self-Employed Women’s Association (SEWA) to help women-led businesses develop blockchain-based solutions. In addition, in partnership with Jawaharlal Nehru University of Technology and India College of Commerce, faculty development programs will be launched.
Additionally, Algorand has worked with T-Hub, the leading innovation hub in India. T-Hub has more than 600 business partners, some of which include Microsoft, Intel, Amazon, Boeing, Meta, and Boeing.
