Layer-1 blockchain Algorand enters India, to focus on real-world utility projects

Layer-1 blockchain Algorand is entering India with an initiative named AlgoBharat—an effort to broaden its Web3 developer base in the country and support and invest in the Indian Web3 startup ecosystem.

AlgoBharat, which seeks to focus on real-world utility projects and tie up with established firms, is driven by The Algorand Foundation, the ecosystem arm of the layer-1 chain. The new India team is led by Anil Kakani, VP, India Country Head, Algorand Foundation, and Nikhil Varma, Tech Lead, AlgoBharat.

"With our India entry, one focus area is building and supporting Web3 projects that can bring financial inclusion and democratic access to capital. We are also actively involved in the carbon markets space," Kakani told The Decrypting Story.

Algorand, which uses a proof of stake consensus system, has positioned itself as a scalable and green blockchain. It is looking to play up these attributes as it seeks alliances with various stakeholders in the Indian Web3 ecosystem.

The firm recently partnered with the Telangana government to host a hackathon at T-Hub in Hyderabad. This event reportedly saw over 300 participants and 50 startups building Web3 projects with real-world impact.

With such initiatives, AlgoBharat seeks to provide mentorship, along with access to capital and developer support, to Web3 startups.

"I am confident blockchain technology will help drive India’s graduation from its position as a service provider to the world’s leading companies to its role as an innovation leader in developing solutions to create a more inclusive economy," said Kankani.