Algorand Foundation Partners With Onramp.money to Boost Web3 Services
Algorand has joined Google, Visa, Accenture, and other organisations in a global collaboration to foster innovation and standardisation for digital wallets and payments.
The Algorand Foundation's strategic investment in Onramp.money marks a significant step towards the global adoption of Web 3.0 solutions.
Onramp.money, a fiat-to-crypto onramp and offramp solution, has extended its services to multiple jurisdictions, including Vietnam, the UAE, Turkey, and Mexico.
Anil Kakani, VP and India Country Head at Algorand Foundation emphasized their commitment to fostering the Web 3.0 developer community, incubating startups, and forming alliances with various entities.
Algorand Foundation Joins the OpenWallet Foundation
The Algorand Foundation has become a member of the OpenWallet Foundation (OWF), an open-source initiative driving digital identity, access, and payments. OWF, hosted by Linux Foundation Europe, serves as a collaborative platform for creating open-source software for interoperable digital wallets.
Algorand joins industry leaders like Google, Visa, Accenture, and the Cardano Foundation in this endeavour. Bruno Martins, Principal Architect at Algorand Foundation, underlines their dedication to supporting web3 applications and advancing interoperable standards.
Algorand Foundation's recent investments in Pera and Defly, two prominent wallets within the Algorand ecosystem, reflect their commitment to building a robust infrastructure. These strategic investments aim to bolster ecosystem growth and ensure a diverse and resilient foundation for web3 applications.
Algorand (ALGO) Price Analysis
As per CoinStats, currently, the price of Algorand is $0.096958, up 0.34% in the last 24 hours, with a live market cap of $759M. It has a circulating supply volume of 7,829,231,481 ALGO coins and a maximum supply volume of 7,829,231,481 ALGO coins, with a 24-hour trading volume of $16 million.
Source: CoinStats
After reaching an annual high of $0.2995 on February 8, 2023, the price of Algorand (ALGO) has been rapidly declining. Since the end of February, the bitcoin price has been declining. ALGO's price recently struck support at $0.1050 and began a bullish rise, but the move was halted when the price reached near $0.1170.
The asset price was strongly rejected above $0.1150, causing a negative market mood. The price of ALGO then broke through the crucial psychological threshold of $0.10, which had held the price for quite some time.
At the time, the price of Algorand has formed support at $0.0880 and is developing positive momentum. The price began a bullish rally, breaking and closing over $0.10. The previous candle closed bearish, facing rejection from $0.98. The current bullish candle is attempting to build support at $0.95.
If bulls can push the price above $0.1010, it may travel towards $0.1170, but it must also advance above the $0.1050 support turned resistance. If, on the other side, the following candle can break the current candle's low, it may retrace back towards the recent support of $0.880.
Conclusion
In conclusion, the Algorand Foundation's investments in Onramp.money and membership in OWF showcase a multifaceted approach towards advancing Web 3.0 solutions and fostering interoperable digital wallets. These strategic moves are poised to drive innovation and accessibility in the blockchain and digital identity space.
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