The Government of Telangana, cryptocurrency exchange CoinSwitch Kuber and innovation management firm Lomos Labs on Friday announced the launch of the second edition of the India Blockchain accelerator program— aimed at empowering the blockchain startup ecosystem.
The accelerator program is an initiative that will enable startups that are leveraging strong blockchain use cases. This programme takes seed and validation-level startups into a four-month-long acceleration period and brings them to an investible stage. The startups also stand a chance to raise a pre-seed/seed investment of over $700,000+ from investment partners Lightspeed and Woodstock Fund.
For the uninitiated, Blockchain is the underlying technology of cryptocurrencies and consists of information called blocks connected through cryptography. Blockchain technology currently supports cryptocurrencies and non-fungible tokens (NFTs).
With this accelerator, the Government of Telangana said that it aims to make the state the ‘Blockchain Capital of the World’ and enable futuristic startups to take their technologies to the next step.
This four-month-long accelerator will be open to early-stage Web2 and Web3 startups and blockchain developers with interesting blockchain solutions solving real-world problems across multiple identified tracks. The solutions could vary across the various identified tracks which include Fintech, Entertainment, Sustainability, Infrastructure and Tooling, Agritech, Logistics, and Healthcare.
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, crypto Industry in India report has expanded over 39 per cent in the last five years. Apart from having a robust blockchain space, the technology and entrepreneurship sectors in India have witnessed significant growth— with more than 230 crypto tech startups and 34 Indian companies gaining unicorn status in 2021, according to the Venture Intelligence Unicorn Tracker.