The Telangana government aims to reinforce its commitment to making the country the “Blockchain Capital of the World” and to enable future startups to take their technologies to the next step.

Telangana Blockchain District (TBC) and Crypto unicorn CoinSwitch Kuber on Friday (December 17, 2021) announced the launch of the Indian Blockchain Accelerator (IBA). This announcement follows the successful launch of eight innovative startups in the first version of T-Block Accelerator. The second edition of the accelerator aims to empower the thriving blockchain startup ecosystem in India and maintain its commitment to promoting the creation of the ‘Blockchain Ecosystem of the Future’ in India. The winning startups will earn more than $700,000 (about Rs 5.3 crore) from investment partners Lightspeed and WoodstockFund.

With the launch of the accelerator, the Telangana government aims to reinforce its commitment to making the country the ‘Blockchain Capital of the World’ and enable future startups to take their technologies to the next step. The statement said the Telangana government will help provide the required regulatory framework to enable and promote the growth of Blockchain.

Commenting on the launch, Jayesh Ranjan, Principal Secretary, ITE&C Industries, Govt of Telangana said: “Telangana State is committed to its vision of driving blockchain innovation in India and has been continually striving to achieve this through its various initiatives. The India Blockchain Accelerator testifies to our focus on providing the right support and guidance for talented individuals to develop their visions.”

“The government of Telangana has been at the forefront of using revolutionary blockchain technology in various sectors and has the goal of building a thriving blockchain ecosystem in India. Through the program, we hope to provide opportunities for participating startups to test their solutions in Telangana so that they can enhance their solutions and further contribute to accelerating the sector in Telangana.” Indian technology.

IBA was launched in partnership with Lumos Labs, a technology innovation management company with expertise in running open blockchain-based innovation programs in India.

Ashish Singhal, founder and CEO of CoinSwitch Kuber, said that the best global startups of the future will work on the web3 blockchain infrastructure, and some of these startups will come from India. “The India Blockchain Accelerator aims to provide a platform of support for innovative blockchain entrepreneurs to help them build and scale their startups and contribute to the thriving blockchain ecosystem in the country,” he said.

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According to the statement, the accelerator will aim to support and equip innovative deep-tech startups through expert mentorship and government accreditation. The accelerator is backed by global industry players Nervos Network, Stellar, Streamr, Filecoin and Neo Protocol as Platinum Sponsors and Investment Partners Lightspeed, Woodstock Fund, Incubation Buidlers Tribe Partner and Program Partners, Guwahati Biotech Park, an Assam government-led platform dedicated to accelerating entrepreneurship and technology development in Northeast India and Microsoft for startups.

The IBA will be open to Web2 and Web3 startups and early-stage blockchain developers with interesting blockchain solutions to solve real-world problems across multiple defined paths. Solutions can be varied across many specific paths which include Fintech, Entertainment, Sustainable Infrastructure and Tools, Agritech, Logistics, and Healthcare.

The Blockchain industry has experienced tremendous growth in recent years and is steadily penetrating major markets as well. India has been at the forefront of this technology since the beginning and is now a leading market for innovations in blockchain, crypto, defi, etc.

According to India’s NASSCOM Cryptotech Industry Report, the crypto tech industry has expanded by more than 39% in the past five years. India’s technology and entrepreneurship sectors have also experienced significant growth with more than 230 crypto startups.

Participants will be eligible for government accreditation, nursery space, ecosystem support, and go-to-market support for their effective solutions.

The Telangana Blockchain Region is based on the Telangana Government. It brings together different aspects of the world of Blockchain technology including technology companies, research organizations, academic institutions, startups, investors, enablers, user groups and communities under one umbrella.

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