Onramp.money Partners with Algorand to Expand Indian Access to Financial Tools and the Digital Economy

May 2, 2023

Written by: Algorand Foundation

The fiat-to-crypto solution provider now enables a simple and secure onboarding experience to Algorand for users in India

May 2, 2023 – Delhi, India – Onramp.money, a foremost provider of fiat-to-crypto solutions, and Algorand Foundation, the organization focused on growing the ecosystem for the world’s most advanced layer-1 blockchain, today announced a strategic partnership that adds Algorand to a list of cryptocurrencies that Onramp.money users are able to exchange for fiat money. The solution aims to simplify the user experience for people in India who are eager to participate in the digital economy.

This partnership provides an effortless and secure gateway to the Algorand ecosystem, allowing users to take advantage of the utility that $ALGO provides. By creating this opportunity for new cryptocurrency users in India to engage with the burgeoning Algorand DeFi ecosystem, Onramp.money is further fostering innovation and expanding access to Web3 and blockchain technology in the region. 

India, expected to surpass China as the most populous country this year, presents immense market potential for emerging technologies like blockchain. However, the inherent complexities of blockchain transactions and the lack of user-friendly onramp solutions have barred many users from accessing DeFi and other web3 applications in the region. This partnership is expected to propel the adoption of blockchain-based solutions in India and beyond, further solidifying the country's position in the global digital economy.

"Our strategic partnership with Algorand marks a significant milestone in our mission to democratize access to Web3 technologies in India," commented Gaurav Dahake, CEO of Onramp.money. "Together, we aim to remove the barriers that have previously hindered users from engaging with DeFi and other Web3 applications, fostering a more inclusive and innovative ecosystem for India's tech-savvy community."

Anil Kakani, India Country Head at Algorand Foundation, shared, "India has served a    ‘back office’ role for the development of Web2 solutions, but we see the country as an innovation hub for the future of Web3. In order to get there, we need to provide user-friendly onramps to Web3, and that is why we are excited about our  partnership with Onramp. Initiatives like this will help  introduce new technologies to everyday people, driving deeper adoption of blockchain and democratizing access both to capital and to markets."

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.

For more information about Onramp.money, visit https://onramp.money/

To learn more about the Algorand Foundation, visit https://algorand.co/

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About Onramp.money

Onramp.money is a leading provider of fiat-to-crypto onramps, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies. Prioritizing user experience and safety, Onramp.money delivers a fast, dependable, and secure platform that caters to both the purchase and sale of cryptocurrencies.

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, decentralized 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. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.