Algorand Foundation has announced a strategic partnership with Onramp.money, agreeing to get listed on the platform to gain expanded access to the Indian market. The ultimate aim for Onramp.money is to make sure that the onboarding and overall experience are seamless for the users. It especially targets those who are new to the crypto world and are looking to explore the possibilities of getting started.
Onramp.money has brought the right development at the right time. India has surpassed China in terms of population, making the country a hotspot as a potential market for expansion.
With the partnership between Alogrand and Onramp.money, users will be at the receiving end, for they will have the functionality to exchange the crypto for fiat money. Onramp.money aims to foster innovation and inclusivity by targeting the upcoming tech-savvy portion of the Indian population.
Algorand believes that the collaboration with Onramp.money will provide a gateway for users, allowing them to enter the Algorand ecosystem. The users will also be able to take advantage of the utilities that $ALGO carries with it.
India, or any other country, faces the limitation of inherent complexities in the blockchain. The same applies to other emerging technologies that are attempting to make their way into everyone’s life. Moreover, the user-friendly onramp solutions have been available in limited numbers for users to access the world of Web3 and decentralized finance.
One specific aspect where India excels is digital payments. The rise of UPI has made India a true hub for digital payments. There is literally no restriction for users except for the one where they must have a bank account. Users from different backgrounds can execute payments digitally. This eliminates the need to carry hard cash and debit/credit cards.
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.
ALGO was last seen exchanging hands at $0.1782. Per ALGO predictions, the token can reach its maximum value of $0.47 by the end of this year. This will only be useful for users in India when they begin entering the Algorand ecosystem.
The addition of Algorand to the list follows the addition of MetaMask by Onramp.money. The venture continues to work toward removing barriers to Web3 and DeFi.