New Delhi: The Algorand Foundation, the nonprofit behind the Algorand Blockchain and its native Algorand (ALGO) token, has a couple of big plans for India, its India chief Anil Kakani said.

Kakani was appointed to lead the country’s operations in November this year and said the foundation has a couple of big plans for India, including growing the Web3 community and investing in the ecosystem.

He said the focus will be growing the web3 development community through investing in training programs to create a talent pool and investing money in the company building real-world solutions on the Algorand blockchain. .

“Our mantra is ‘In Bharat for Bharat’ – while we of course expect these companies to serve global markets, we are truly committed to supporting founders who are creating solutions to improve financial services, healthcare, education , agriculture, access to markets and access to finance in a way that leads us towards a more inclusive economy in India,” he added.

According to various reports, India is emerging as one of the fastest growing web3 nations in the world, hosting around 500 startups in the ecosystems, trying to harness the potential of the technology.

The Algorand blockchain, which powers the Algorand ecosystem, a carbon-negative Layer 1 blockchain invented by MIT professor Silvio Micali, works on the proof-of-stake (PoS) mechanism and went live in 2019.

Kakani said the foundation is excited and proud that India is hosting the G20 summit this year. She said that the world will realize the true power of blockchain to achieve important political goals in the coming year. Regulation is important for the industry, where risk and investment are involved. “Significant steps will be taken to manage risk while allowing technology to reach its true potential in our efforts to achieve greater financial inclusion,” she said.

Kakani is already familiar to many in the traditional finance and Indian technology sector. He held various positions in the public and private sectors, including as a senior adviser for India at the US Treasury, where he established the first bilateral partnership between the US Treasury and the Ministry of Finance of India.

The head of the Foundation said that 2023 and 2024 could be a game-changing year for Web3, especially for AlgoBharat’s work in India. “We started our work a few months ago and we are already seeing innovative projects pop up everywhere.”

Last month, the foundation brought nine companies from India to Decipher, its annual gathering of key players in the Algorand ecosystem, which was held in Dubai.

There are many use cases that are based on Algorand and it will soon bring significant value to working middle class families across India.

“We are working with a lending platform for SMEs, a digital payment and remittance company, a platform for Bollywood screenwriters, a blockchain solution for farmers bringing their produce to market, and a digital healthcare platform,” he said. .

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