The India Blockchain Accelerator will provide funding up to $700,00 to early-stage startups.
On Friday, The Government of Telangana, CoinSwitch Kuber and Lumos Labs together launched the India Blockchain Accelerator (IBA) to support blockchain entrepreneurs.
IBA is the second edition of the T-Block Accelerator. an initiative by the Telangana blockchain district.
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 Honourable Shri Jayesh Ranjan (Principal Secretary, ITE&C and Industries, Govt of Telangana), Honourable 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.
IBA is primarily led by Coinswitch Kuber and Lumos Labs with the Department of Emerging Technologies, Govt. of Telangana as a partner.
It will provide budding entrepreneurs with a platform to pitch their ideas who would also get mentored by renowned experts.
This accelerator also has various industry players as its partner including Nervos Network, Stellar, Streamr, Filecoin, Neo Protocol, and Buidlers Tribe.
IBA has several tracks to explore the use of blockchain in different industries such as Fintech, Entertainment, Sustainability, Infrastructure and tooling, Logistics, and Healthcare.
This testifies the argument that blockchain can revolutionize many aspects of current technology.
Broadly, IBA states that it is looking for any early-stage startup with a blockchain-based product and a motivated team.
Selected startups will get funds up to $700,000 from investment partners Lightspeed and WoodstockFund.
The Accelerator is also looking for partners who wish to work with emerging startups. A partner can be anyone ranging from a Government institution to an Original Equipment Manufacturer (OEM).
Web 3 is capturing both the hearts and minds of Indians. The country boasts of one of the youngest populations with a penchant for building tech products. This is pulling the Venture Capital firms towards India’s crypto industry.
News recommendation: Polygon and Lumos Launch Web3 Accelerator