The Authorities of Telangana, cryptocurrency change 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 may allow startups which might be leveraging robust blockchain use instances. This programme takes seed and validation-level startups right into a four-month-long acceleration interval and brings them to an investible stage. The startups additionally stand an opportunity to boost a pre-seed/seed funding of over $700,000+ from funding companions Lightspeed and Woodstock Fund.
For the uninitiated, Blockchain is the underlying technology of cryptocurrencies and consists of data known as blocks linked by cryptography. Blockchain know-how at present helps cryptocurrencies and non-fungible tokens (NFTs).
With this accelerator, the Authorities of Telangana mentioned that it goals to make the state the ‘Blockchain Capital of the World’ and allow futuristic startups to take their applied sciences to the subsequent step.
This four-month-long accelerator shall be open to early-stage Web2 and Web3 startups and blockchain builders with attention-grabbing blockchain options fixing real-world issues throughout a number of recognized tracks. The options may differ throughout the assorted recognized tracks which embrace Fintech, Leisure, Sustainability, Infrastructure and Tooling, Agritech, Logistics, and Healthcare.
The blockchain trade has seen monumental development in recent times and is steadily penetrating mainstream markets as properly. India has been on the forefront of this know-how from the start and is now a number one marketplace for improvements in blockchain, crypto, defi, and so on.
In response to the NASSCOM, crypto Business in India report has expanded over 39 per cent within the final 5 years. Other than having a strong blockchain house, the know-how and entrepreneurship sectors in India have witnessed vital development— with greater than 230 crypto tech startups and 34 Indian corporations gaining unicorn standing in 2021, in response to the Enterprise Intelligence Unicorn Tracker.