Telangana, Coinbase join hands to build strong Web 3.0 community

The MoU was exchanged in the presence of IT and Industries Principal Secretary Jayesh Ranjan and Emerging Technologies Wing Director L Rama Devi Lanka.

Hyderabad: The State government on Saturday signed a Memorandum of Understanding with Coinbase Inc to collaborate towards building a strong Web 3.0 community in Telangana.

The MoU was exchanged in the presence of IT and Industries Principal Secretary Jayesh Ranjan and Emerging Technologies Wing Director L Rama Devi Lanka.

Coinbase Inc, a Web 3.0 giant and one of the largest Web 3.0 investors in the world, is interested in growing a network of developers and entrepreneurs working on blockchain, decentralised applications, tokens and other facets of Web 3.0 technology. Telangana has a budding Web 3.0 ecosystem with several programmes being conducted by T-Hub to encourage the community in the State. The State has also deployed several blockchain-based solutions to solve public issues and has been seen as a pioneer in the use of emerging technologies for the same.

Through this partnership, Coinbase will be supporting Web 3.0 entrepreneurs of Telangana through capacity building sessions, mentorship programmes, and promoting initiatives conducted with the help of Telangana’s innovation ecosystem partners. It will also provide knowledge support and act as a technical advisor for Web 3.0 related initiatives implemented by the Government.

Apart from these, Coinbase will also work closely with the State government on its upcoming Web 3.0 Regulatory Sandbox aimed at supporting organisations working with Web 3.0 technologies to navigate the regulatory systems in place. The State will also collaborate with other Venture Capital firms and regulatory bodies for specific use-cases to enable better results for the sandbox.

“This is a wonderful opportunity for Telangana to establish itself as the hub of Web 3.0 technology in India. With this partnership, we aim to further our mission of building a vibrant innovation ecosystem by encouraging entrepreneurs and innovators in this community and in the process, hope to have some innovative products come out of the State,” said Jayesh Ranjan.

“Telangana is a key source of India’s innovative and technological leadership around the world. We are honoured to be working with the State Government of Telangana on enhancing cross-sectoral capacity and promoting digital innovation through Web3.0 technology. Telangana had the prudent vision to use the ‘triple helix model’ for innovation, based on collaboration between industry, academia, and government. This MoU and the activities to follow support that vision. We are excited for the road ahead. The partnership which will contribute to realising technological and economic potential of Web3.0 for India,” said Katie Mitchell, Director of APAC Policy at Coinbase.