Algorand Announces New Partnership With Onramp.money

By Kevin • May 3, 2023 3:15 pm • Comments

Algorand has just announced a new partnership that they have formed with Onramp.money which will make Algorand more accessible in India.

This partnership will allow users to essentially exchange crypto for fiat money whenever they want which will certainly boost mainstream adoption in the country.

This is essential given that India has the potential to be one of the biggest crypto markets in the world in the near future.

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Of course, in order to take advantage of all the use cases that the Algorand ecosystem has to offer, users will have to utilize its native token ALGO which makes the asset much more valuable.

The partnership will allow both parties to make progress in the Web 3.0 space which is also another growing sector in India.

Namecoinnews reports:

Therefore, Onramp.money and the Algorand Foundation are indeed on the right path. As for cryptocurrency, it could take some time since the Indian government is working to implement an enhanced version of the regulatory framework for digital assets. Other players could enter the market to expand their base if and when it is implemented. This will only further democratize the Web3 sphere with the DeFi segment.

Gaurav Dahake, the Chief Executive Officer of Onramp.money, has called this partnership a major milestone, adding that they aim to remove the barriers that have earlier hampered the growth of Web3 and DeFi applications.

Anil Kakani from the Algorand Foundation says that they see India as an innovation hub for Web3 while expressing their excitement about the partnership. The Country Head for India believes that partnerships like these will help them introduce new technologies to India and other emerging markets.

Essentially, the purpose here is to make Web3 technologies widely accessible to everyone which is key to driving mainstream adoption.

Anil Kakani, India Country Head at Algorand Foundation, stated that the partnership will accelerate this trend as Algorand was already on this path many years ago.

Algorand also happens to be perfect for this partnership given that the blockchain is already known for its scalability and reliability.

As a result of these developments, it is clear that Algorand is able to achieve consistent organic growth despite the state of the crypto market for the past year.

Algorand concludes:

The Algorand network is known for its high security, reliability, efficiency and scalability. Algorand also achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis.

This utility makes it an ideal platform for DeFi and other Web3 applications.‍

This partnership adds Algorand to a notable list of Onramp.money partners, including MetaMask. The young company is relentlessly pursuing innovative ways to remove the technical complexities of onboarding to Web3.

In response, it is seeing rapid growth and user adoption, setting the stage for even greater advancements in the realms of both Web3 and the future of payment services.

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