Telangana Govt, CoinSwitch launch new Blockchain Accelerator; winners to get over Rs 5.3 crore

Government of Telangana aims to further its commitment to make the state the ‘Blockchain Capital of the World’ and enable futuristic startups to take their technologies to the next step.

india blockchain accelerator
Representative image

The Telangana Blockchain District (TBC) and Crypto unicorn CoinSwitch Kuber on Friday (December 17, 2021) announced the launch of the India Blockchain Accelerator (IBA). The announcement comes after the successful launch of eight innovative startups in the first edition of the T-Block Accelerator. The second edition of the accelerator program is aimed at empowering the thriving blockchain startup ecosystem in India and sustaining its commitment to foster the creation of ‘Blockchain Ecosystem of the future’ in India, a statement said. Winning startups stand to win over $700,000 (approx Rs 5.3 crore) from investment partners Lightspeed and WoodstockFund.

With the launch of the accelerator, the Government of Telangana aims to further its commitment to make the state the ‘Blockchain Capital of the World’ and enable futuristic startups to take their technologies to the next step. The statement said that the Telangana Government will help provide the required regulatory framework to enable and promote Blockchain growth.

Commenting on the launch, Jayesh Ranjan,Principal Secretary, ITE&C and Industries, Govt of Telangana said, “The State of Telangana is committed to its vision to lead the blockchain innovation in India and is constantly striving towards it through its various initiatives. The India Blockchain Accelerator testifies our focus on providing the right support and guidance to talented individuals for the development of their visions.”

“The Government of Telangana has been at the forefront of utilizing the revolutionary blockchain technology across various sectors and has a goal of building a flourishing blockchain ecosystem in India. Through the program, we hope to provide opportunities to the participating startups to pilot their solution in Telangana so that they can enhance their solution and further contribute to the accelerating Indian technology sector,” he added.

IBA has been launched in partnership with Lumos Labs, which is a technology innovation management firm with expertise in running blockchain-based open innovation programs in India.

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said the best global startups of tomorrow would run on web3 blockchain infrastructure, and some of these startups will come from India. “The India Blockchain Accelerator aims to provide an essential support system to innovative blockchain entrepreneurs to help them build and scale their startups and contribute to the country’s prosperous blockchain ecosystem,” he said.

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As per the statement, the accelerator will aim at supporting and equipping innovative deep-tech blockchain startups with expert guidance and government accreditation. The accelerator is supported by global industry players Nervos Network, Stellar, Streamr, Filecoin, and Neo Protocol as platinum sponsors, investment partners Lightspeed and Woodstock Fund, Incubation partner Buidlers Tribe and program partners, Guwahati Biotech Park, an Assam government led platform dedicated to accelerating entrepreneurship and technological development in Northeast India and Microsoft for Startups.

IBA will be open to early-stage Web2 and Web3 startups and blockchain developers with interesting blockchain solutions solving real-world problems across multiple identified tracks. The solutions could vary across various identified tracks which include Fintech, Entertainment, Sustainability Infrastructure and tooling, Agritech, Logistics, and Healthcare.

Blockchain industry has seen enormous growth in recent years and is steadily penetrating mainstream markets as well. India has been at the forefront of this technology from the beginning and is now a leading market for innovations in blockchain, crypto, defi, etc.

According to the NASSCOM Cryptotech Industry in India report, the cryptotech industry has expanded over 39% in the last five years. The technology and entrepreneurship sectors in India too have witnessed significant growth with more than 230 cryptotech startups.

The participants will be eligible for government accreditation, incubation space, ecosystem support, and go-to-market support for their potent solutions.

Telangana Blockchain District is anchored by the Government of Telangana. It brings together different facets of the Blockchain technology realm including Tech companies, research organizations, academic institutions, startups, investors, enablers, and user groups & communities under one umbrella.

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