The Authorities of Telangana, 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 can 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 lift 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 referred to as blocks related by cryptography. Blockchain know-how presently helps cryptocurrencies and non-fungible tokens (NFTs).
With this accelerator, the Authorities of Telangana stated 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 might 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 might differ throughout the varied recognized tracks which embrace Fintech, Leisure, Sustainability, Infrastructure and Tooling, Agritech, Logistics, and Healthcare.
The blockchain business has seen monumental progress in recent times and is steadily penetrating mainstream markets as nicely. 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 many others.
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 area, the know-how and entrepreneurship sectors in India have witnessed vital progress— with greater than 230 crypto tech startups and 34 Indian corporations gaining unicorn standing in 2021, based on the Enterprise Intelligence Unicorn Tracker.