New Delhi 4th December 2023) - AlgoBharat, Algorand Foundation’s India-focused initiative, strengthened its commitment to the Indian Web3 ecosystem with a number of high-profile announcements made at Algorand Impact Summit, a two-day event that convened business leaders, policymakers, NGOs, and developers to discuss how blockchain can help solve some of the world’s most intractable challenges. 

The partnerships are an extension of Algorand’s vision of delivering greater access to markets, capital & financial services by unlocking the power of blockchain technology, especially for the underserved sections of society with limited access to traditional banking infrastructure. 

Staci Warden, CEO of Algorand Foundation, said, “India's remarkable role in global technological progress has inspired us to establish a distinctive presence in the country. In just a year, our strategic collaborations and innovative blockchain solutions with key players have pioneered financial inclusion, with the potential for impacting millions of lives in underserved communities. As we contribute to the growth of the global Web3 ecosystem, our journey in India has only just begun, with much more ground to cover."

“Blockchain technologies can bring profound upliftment by providing greater access to markets, capital, and financial services. The Algorand Impact Summit stands as a testament to our belief in the Indian Web3 ecosystem.”  says Anil Kakani, Vice President and India Country Head at Algorand Foundation “Partnering with those who share our passion, we are eager to witness the tangible on-the-ground impact on improving access to markets, capital, and financial services.” 

On a global level, the Algorand Foundation also announced a partnership with the United Nations Development Programme (UNDP), the organization focused on growing the ecosystem for the world’s most advanced, secure, and reliable layer-1 blockchain, to launch a blockchain academy. The Algorand Blockchain Academy will launch in 2024 and is designed to bolster UNDP staff capacity through education and training in blockchain technology and its practical applications for sustainable development.

The focus areas of the program include Financial inclusion, Supply chain transparency, Real-world asset tokenization, and Digital identity.  The curriculum will consist of recorded lectures, interactive workshops, and hands-on assignments and will be made available to all 22,000+ UNDP employees in over 170 countries and territories, in addition to staff members at other UN agencies.

Announcements include:

• A first-of-its-kind partnership with T-Hub, a Telangana government-led prominent tech incubator, to launch “Startup Labs”, a 12-month program that will offer end-to-end mentorship for 20 high-potential Web3 startups. 

• A partnership with NASSCOM, through its FutureSkills Prime skilling hub, to provide modular-based training content and assessments to support the training and employability of students and professionals building out their Web3 developer capabilities.  

• A partnership with TiE Bangalore with the key objective of fostering the Indian Web3 ecosystem through strategic educational and training initiatives. This partnership will help Algorand establish its foothold with the startup, investor and tech communities in Bangalore.

• A collaboration with Mann Deshi to develop a blockchain-based credit scorecard and identity system for Mann Deshi Foundation's women entrepreneurs. The project, which aims to address the challenges created by lack of formal credit histories and limited access to loans, is being rolled out in a phased approach with a select group of women entrepreneurs.

• Launch of the first pilot through our partnership with Self-Employed Women’s Association (SEWA) to empower women to earn high-value carbon credits through a blockchain-based solution that captures data on the production of renewable gas from biogas digesters. 

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, decentralised 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. For more information, please visit https://algorand.foundation.