GOVERNMENT OF TELANGANA, COINSWITCH KUBER AND LUMOS LABS LAUNCH THE INDIA BLOCKCHAIN ACCELERATOR
- ByStartupStory | December 18, 2021
After successfully launching and supporting eight innovative startups in the first edition of the T-Block Accelerator, the Telangana Blockchain District, anchored by the Government of Telangana and Crypto unicorn CoinSwitch Kuber today announced the launch of the India Blockchain Accelerator. This 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.
Launched in partnership with Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programs in India, this accelerator will aim at supporting and equipping innovative deep-tech blockchain startups with expert guidance and government accreditation. This accelerator is further 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.
The launch event was organized at T-Hub Foundation, IIIT-H Campus in Hyderabad with representation from the government bodies, global blockchain industry leaders, startups and members from the developer community. The event was graced by several dignitaries from the government including Hon’ble Shri Jayesh Ranjan (Principal Secretary, ITE&C and Industries, Govt of Telangana), Hon’ble Smt Rama Devi (Director Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana), Ashish Singhal, Founder and CEO, CoinSwitch Kuber, Kaavya Prasad, COO and Co-Founder, Lumos Labs, Raghu Mohan, Co-Founder Buidlers Tribe among other leading senior corporate executives from the industry. Global partners including Ben Morris ,Director Business Development & Growth Nervos Network, John Devadoss Founder & President NGD Enterprises, Rahul Singh Deal Flow Manager Microsoft for Startups, Justin Rice, VP of Ecosystem, Stellar, Mathew Fontana, Head of Ecosystem, Streamr, Pranav Sharma, Founding Partner, Woodstock Funds joined the session virtually.
With this accelerator, the Government of Telangana aims to further their commitment to make Telangana the ‘Blockchain Capital of the World’ and enable futuristic startups to take their technologies to the next step. Through this initiative, CoinSwitch Kuber, aims to augment the creation of a formative ecosystem which will empower startups to solve tough business problems for diverse industry verticals. The Telangana Government will help provide the required regulatory framework to enable and promote Blockchain growth.
The 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. Apart from having a robust blockchain space, the technology and entrepreneurship sectors in India too have witnessed significant growth with more than 230 cryptotech startups and 34 Indian companies gaining unicorn status in 2021 itself according to the Venture Intelligence Unicorn Tracker. Given the active and innovative wave that has engulfed India currently, the India Blockchain Accelerator is focused on further encouraging and supporting these visionaries and providing them with a suitable platform to implement their relevant blockchain solutions.
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