Telangana is making serious efforts to further its commitment towards becoming the ‘Blockchain Capital of the World’ and enabling startups to take their technology to the next level.
In this endeavor, Crypto unicorn CoinSwitch Kuber and Telangana Blockchain District (TBC) have launched the India Blockchain Accelerator (IBA). Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programmes in India, has partnered with IBA to launch this initiative.
It follows the successful launch of eight innovative startups in the T-Block Accelerator’s first edition. Startups using strong blockchain use cases will be able to benefit from the accelerator programme.
In its second edition, the accelerator programme aims to empower the thriving blockchain ecosystem in India and to support the creation of the future blockchain ecosystem in the country, according to a statement. Venture partners Lightspeed and WoodstockFund are committing $700,000 (approx. Rs 5.3 crore) to win startups.
By launching the accelerator, the Government of Telangana hopes to strengthen its commitment to being the ‘Blockchain Capital of the World’ and help futuristic startups take their technologies to the next level.
To enable and promote blockchain growth, the Telangana government will provide the necessary regulatory framework. “The State of Telangana is committed to their vision of leading the blockchain innovation in India through their various initiatives,” said Jayesh Ranjan, Principal Secretary, ITE&C and Industries, State of Telangana.
We are committed to providing talent with the right support and guidance for the development of their vision through the India Blockchain Accelerator,” Ranjan added further. As part of its goal to build a flourishing blockchain ecosystem in India, the Government of Telangana is at the forefront of utilizing revolutionary blockchain technology across various sectors.
“We hope through the programme to offer the startups an opportunity to pilot their solution in Telangana so they can enhance their solution and further contribute to the accelerating Indian technology sector,” he said.
“The best startups of tomorrow will run on web3 blockchain infrastructure, and some of these startups will come from India,” said Ashish Singhal, Founder, and CEO of CoinSwitch Kuber. In order to help innovative blockchain startups scale their businesses and contribute to India’s flourishing blockchain ecosystem, the India Blockchain Accelerator will provide an essential support system,” he said.
IBA will be open to early-stage startups and blockchain developers who have interesting solutions to real-world problems in multiple identified tracks. Solution types could include Fintech, Entertainment, Sustainability Infrastructure, Agritech, Logistics and Healthcare.
The blockchain industry has experienced enormous growth in recent years and is slowly making its way into mainstream markets. The country has been at the forefront of this technology from the beginning and is now recognized as a leading market for innovations in blockchain, crypto, Defi, etc.
Participating companies are eligible to receive government accreditation, incubation space, ecosystem support, and go-to-market assistance for their powerful solutions.
Telangana’s Blockchain District is anchored by the Telangana government. It represents different sectors of the Blockchain technology realm, including tech companies, research organizations, academic institutions, startups, investors, enablers and user groups, and communities.
NASSCOM Cryptotech Industry in India report shows the crypto tech sector has increased by 39% in the last five years. The technology and entrepreneurial sectors in India have also witnessed strong growth with more than 230 crypto tech startups.
