Telangana govt, CoinSwitch Kuber launch India Blockchain Accelerator
Hyderabad: The Telangana Blockchain District, anchored by the Telangana government and Crypto unicorn CoinSwitch Kuber, on Friday launched the India Blockchain Accelerator. The four-month accelerator is part of the efforts of the State to make Telangana the ‘Blockchain Capital of the World’. Telangana will provide the required regulatory framework to enable and promote blockchain growth. […]
Hyderabad: The Telangana Blockchain District, anchored by the Telangana government and Crypto unicorn CoinSwitch Kuber, on Friday launched the India Blockchain Accelerator. The four-month accelerator is part of the efforts of the State to make Telangana the ‘Blockchain Capital of the World’. Telangana will provide the required regulatory framework to enable and promote blockchain growth.
After successfully launching and supporting eight innovative startups in the first edition of the T-Block Accelerator, the Telangana Blockchain District announced the India Blockchain Accelerator in partnership with Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programmes in India.
“Telangana has been at the forefront of using the blockchain technology across sectors and has a goal of building a flourishing blockchain ecosystem in India. Through the accelerator, we hope to provide opportunities to blockchain startups to pilot their solutions in Telangana,” IT Principal Secretary Jayesh Ranjan said. Emerging Technologies Director Rama Devi was also present at the launch at T-Hub.
Four-month module
The accelerator will be open to early-stage Web2 and Web3 startups and blockchain developers across fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare segments. It will have workshops, meetups, mentorship and training to give guidance and tools to the startups.
The participants will be eligible for government accreditation, incubation space, ecosystem support, and go-to-market support for their potent solutions. The startups also stand a chance to raise a pre-seed or seed investment of over $7,00,000 (about Rs 5.1 crore) from investment partners Lightspeed and Woodstock Fund, subject to approval. “India has a reservoir of talent already building in the crypto technology space. The best global startups of tomorrow would run on web3 blockchain infrastructure, and some of these startups will come from India,” said CoinSwitch Kuber Founder and CEO Ashish Singhal.
“Through this new accelerator, we hope to see hundreds of startups showcase their best to governments and global networks alike, furthering the India story in the global Web3 movement,” said Kaavya Prasaad, Co-founder of Lumos Labs, one of the partners. This accelerator will be supported by blockchain industry players Nervos Network, Stellar, Streamr, Filecoin, Neo Protocol, Builders Tribe and Guwahati Biotech Park.
Industry growth
India is now a leading market for innovations in blockchain, crypto, decentralised finance and others. According to the Nasscom Cryptotech Industry in India report, the cryptotech industry has expanded over 39 per cent in the last five years. There are more than 230 cryptotech startups and 34 Indian companies gaining unicorn status in 2021 itself according to the Venture Intelligence Unicorn Tracker. Registrations for the accelerator are open at https://www.indiablockchainaccelerator.com/.
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