Blockchain Protocol Algorand Forms Strategic Collaborations in India For Web3 Push

Last updated: November 30, 2023 20:51 EST
. 1 min read

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Decentralized network Algorand (ALGO) has partnered with key players in India to deepen India’s Web3 foundation.

In a significant move explained by the blockchain platform’s CEO Staci Warden, Algorand will partner with the Indian tech advocacy group – NASSCOM.

Other partners include TiE Bangalore, a global entrepreneurship supporting program, and India’s first women-centric bank – the Mann Deshi Foundation.

Warden told CoinDesk in an interview that the collaboration will foster Web3 capabilities under NASSCOM’s FutureSkills Prime skilling hub. The hub is a digital skilling initiative, developed in partnership with the IT industry, academia and government.

Further, Algorand will also develop a blockchain-based credit scorecard and identity system for women entrepreneurs of the Mann Deshi Foundation. The collaboration with TiE Bangalore will enable Algorand to provide educational initiatives to support the Indian Web3 ecosystem, Warden added.

“In just a year, our strategic collaborations and innovative blockchain solutions with key players (in India) have pioneered financial inclusion, with the potential for impacting millions of lives in underserved communities.”

Algorand India’s country head Anil Kakani noted that the firm is aiming to have organizational partnerships to deepen the Web3. It is also working on partnerships to build Web3 use cases in India.

Kakani stressed that Algorand won’t go to regulators with recommendations, however, it is anticipating India’s central bank digital currency (CBDC) launch.

“We want to see how we can build on that but as a protocol, our heavy focus is real-world utility.”

AlgoBharat

Algorand Foundation entered India with its new project “AlgoBharat” in March, aiming to support India’s foray into the Web3 space.

At the time, Algorand partnered with the Self-Employed Women’s Association (SEWA) to support women-led enterprises in building blockchain solutions. It also joined hands with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs.

Kakani said at the time that the company has been understanding the appetite for Web3 in India. “We will certainly engage with regulators this year,” he mentioned.