Decentralized network Algorand (ALGO) has forged a partnership with key entities in India to enhance India’s Web3 foundation. This collaboration involves teaming up with NASSCOM, a prominent Indian tech advocacy group, along with TiE Bangalore, a global entrepreneurship support program, and the Mann Deshi Foundation, India’s first women-centric bank.
The strategic alliance aims to contribute to the development and growth of the Web3 ecosystem in India, leveraging the expertise and resources of these influential partners. The involvement of NASSCOM, TiE Bangalore, and the Mann Deshi Foundation signifies a diverse and comprehensive approach to fostering innovation and empowerment through blockchain technology in the Indian context.
According to Algorand’s CEO, Staci Warden, the partnership will support Web3 capabilities through NASSCOM’s FutureSkills Prime skilling hub. This hub represents a digital skilling initiative established in collaboration with the IT industry, academia, and the government.
In addition to this, Algorand will work on developing a blockchain-based credit scorecard and identity system for women entrepreneurs associated with the Mann Deshi Foundation. The collaboration with TiE Bangalore will involve Algorand in providing educational initiatives to support the Indian Web3 ecosystem. Warden highlighted the potential impact of these collaborations on financial inclusion, particularly in underserved communities, stating, “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’s Country Head in India, Anil Kakani, outlined the company’s objectives to establish organizational partnerships for the advancement of Web3 and to collaborate on building Web3 use cases in India. While emphasizing that Algorand won’t approach regulators with recommendations, Kakani expressed anticipation for the launch of India’s central bank digital currency (CBDC).
He added, “We want to see how we can build on that but as a protocol, our heavy focus is real-world utility.” This suggests Algorand’s commitment to contributing to the practical application and functionality of blockchain technology in real-world scenarios.
The Algorand Foundation launched its project “AlgoBharat” in India in March, with the objective of supporting India’s entry into the Web3 space. As part of this initiative, Algorand partnered with the Self-Employed Women’s Association (SEWA) to aid women-led enterprises in developing blockchain solutions. Additionally, collaborations with Jawaharlal Nehru Technological University and the Indian School of Business were established to launch faculty development programs.
Anil Kakani, Algorand’s Country Head in India, mentioned that the company has been gauging the interest in Web3 in India and expressed plans to engage with regulators in the country during the year. This indicates Algorand’s commitment to understanding and contributing to the evolving blockchain landscape in India.