Algorand Foundation Announces Broad-Reaching Partnerships in India to Grow Web3
SINGAPORE, Feb. 7, 2023 /PRNewswire/ -- Algorand Foundation, the organization focused on growing the ecosystem for the world's most advanced, secure and reliable layer-1 blockchain, announced broad-reaching partnerships in India.
T-Hub and Self Employed Women's Association (SEWA) partnerships are part of Algorand Foundation's significant investment in India's blockchain ecosystem
SINGAPORE, Feb. 7, 2023 /PRNewswire/ -- Algorand Foundation, the organization focused on growing the ecosystem for the world's most advanced, secure and reliable layer-1 blockchain, announced broad-reaching partnerships in India.
With India set to surpass China as the world's most populous country this year, the Foundation is committed to supporting the creation of employment opportunities and solutions that serve India's vibrant population.
Algorand is the first layer-1 blockchain protocol to partner with T-Hub, India's premier innovation hub with 600+ corporate partners, including Intel, AWS, Boeing, Meta, Microsoft, Cisco, among others. This partnership will support startups and established companies building high-impact, scalable blockchain-based solutions.
"T-Hub and Telangana state are committed to supporting a Web3 ecosystem of entrepreneurs, developers and creators. Our new partnership with Algorand, especially given the sustainability and real world utility of its blockchain in a market like India, is strong evidence of that," said M. S. Rao, T-Hub CEO. "This partnership will help our ecosystem scale globally and access capital from around the world."
Through partnerships with Jawaharlal Nehru Technological University Hyderabad and the Indian School of Business, the Algorand Foundation will soon launch faculty development programs, student developer training, and a master class series for companies looking to transition critical business processes to Web3.
In addition, Algorand will act as a technology partner for the new $50 million Global Climate Resilience Fund – launched by the Clinton Foundation and its Clinton Global Initiative, with SEWA as a founding partner – geared towards helping women micro-entrepreneurs address climate change. SEWA is the largest trade union in India with more than 2.1 million female workers. For 50 years, SEWA has improved the livelihoods of self-employed women workers from the informal economy through initiatives including technical training.
In celebrating the new fund, the Algorand Foundation and its CEO Staci Warden have joined Former U.S. Secretary of State Hillary Rodham Clinton and The Clinton Foundation in Ahmedabad. The fund, in part, will help local entrepreneurs connect with the carbon markets and monetize carbon credits that their activities generate. Through business accelerator programs and seed investments, Algorand will support women-led enterprises building solutions to increase financial inclusion and empowerment of SEWA members and low-income working women across India.
"At the Algorand Foundation, we are deeply committed to ensuring blockchain lives up to its potential in creating a more inclusive economy in India and across the globe," said Warden. "I am thrilled to be back in India, and especially to see the embrace and enthusiasm by people across the country for technology that can so significantly and positively impact their quality of life."
Algorand's focus on India follows the Foundation's recent appointment of Anil Kakani as India Country Head.
"The partnerships we are formalizing this week with India's most respected institutions and organizations are reflective of the reliability, scalability and real world utility of Algorand's blockchain technology," said Kakani. "Our mission is built around sustainable impact. We are ready to take center stage in India and across the globe to fuel world-changing solutions to improve access to financial services, health care, education and so many other critical applications."
Startups and developers interested in learning more about Algorand and opportunities to take part in this initiative can apply to join a 3-day mini accelerator experience in Hyderabad taking place March 24-26, 2023. For more information, click here.
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the "blockchain trilemma" by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019. For more information, please visit https://algorand.foundation
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