As India has to decides the rules and regulations for the crypto space, a ‘Blockchain Accelerator’ plans to give some startups the necessary assistance to success. Telangana government has the deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs to mark the blockchain education-focused initiative in India.
Entrepreneurs wanting to enter the blockchain space would be able to use the initiative to explore opportunities, mentorship, tech support, and funding scopes for their projects.
India Blockchain Accelerator is the second edition of T-Block Accelerator, a Telangana-originate programme.
Blockchain is the underlying technology of cryptocurrencies and consists of information calls blocks connect through cryptography.
Blockchain technology currently supports cryptocurrencies, non-fungible tokens (NFTs), as well as the metaverse in the present day.
The programme will go on for a tenure of four months and will accept admission requests from early-stage Web2 and Web3 startups and blockchain builders.
Entrepreneurs from eight selected startups will also get an opportunity to secure up to approx. Rs. 5.32 crore for pre-seed and seed funding from companies like Lightspeed and WoodstockFund.
Members of the chosen startups will also be allow to attend workshops, meet-ups, mentorship, and coaching.
Ashish Singhal, Founder, CoinSwitch Kuber Said :
“Right now, anybody who’s launching an enterprise online has to pay 70 percent of its income to international infrastructure suppliers, and cash strikes out. The blockchain trade is forming a brand new Internet altogether,”.
The development comes at a time when India is heading over what regulations to impose on the crypto space.
The government has express concern that cryptocurrencies may be use for luring investors with misleading claims and for funding terror activities and money laundering.
Crypto market was left shaken by reports that the Parliament agenda in India include a bill seeking to prohibit all private cryptocurrencies from operating in the country.
The agenda also note that the government wishes to bring an official digital currency for India.
It should be note that this exact same bill was also listed for the Budget Session, but did not get discuss at the time.
Right now, the proposal drafted by the finance ministry is awaiting cabinet approval before it reaches Parliament.
THANK YOU FOR READING.
