The Telangana authorities, cryptocurrency trade CoinSwitch Kuber and innovation administration agency Lomos Labs on Friday introduced the launch of the second version of the India Blockchain Accelerator Program – aimed toward empowering the blockchain startup ecosystem.
The Accelerator Program is an initiative that can allow startups which might be benefiting from sturdy blockchain use instances. The program takes seed and validation-level startups right into a four-month lengthy acceleration interval and brings them to an investable stage. Startups even have the chance to lift pre-seed/seed investments of over $700,000+ from funding companions Lightspeed and Woodstock Fund.
For starters, blockchain is the underlying expertise of cryptocurrencies and consists of knowledge known as blocks linked by way of cryptography. Blockchain expertise at present helps cryptocurrencies and non-fungible tokens (NFTs).
With this accelerator, the Telangana authorities stated it goals to make the state the ‘Blockchain Capital of the World’ and allow future startups to take their applied sciences to the following stage.
This four-month-long accelerator will probably be open to early-stage Web2 and Web3 startups and blockchain builders, with fascinating blockchain options that can clear up real-world issues in a number of recognized tracks. Solutions might differ throughout the assorted recognized tracks which embody Fintech, Entertainment, Sustainability, Infrastructure & Tooling, Agritech, Logistics and Healthcare.
The blockchain business has seen big development in recent times and is quickly getting into mainstream markets as properly. India has been on the forefront of this expertise since inception and is now a number one marketplace for improvements in Blockchain, Crypto, Defi and so on.
According to NASSCOM, the reported crypto business in India has grown by over 39 p.c within the final 5 years. According to the Venture Intelligence Unicorn Tracker, aside from having a powerful blockchain house, India has seen vital development within the expertise and entrepreneurship sectors – with over 230 crypto tech startups and 34 Indian corporations reaching unicorn standing in 2021.
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With inputs from TheIndianEXPRESS
