Telangana Govt and CoinSwitch Launched a New Blockchain Accelerator; Winning Startups to Get Over Rs 5.3 Crore

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Key Takeaways:

  • Telangana Govt and CoinSwitch launched a new Blockchain Accelerator called the India Blockchain Accelerator (IBA).
  • The announcement follows the successful launch of eight innovative startups in the T-Block Accelerator’s first edition.
  • The second edition of the accelerator programme aims to empower India’s thriving blockchain startup ecosystem and maintain its commitment to foster the creation of India’s “Blockchain Ecosystem of the Future.”
  • From investment partners Lightspeed and WoodstockFund, the winning startups will receive over $700,000 (roughly Rs 5.3 crore).
Telangana Govt And Coinswitch Launched A New Blockchain Accelerator
Telangana Govt and CoinSwitch Launched a New Blockchain Accelerator

The Telangana Blockchain District (TBC) and cryptocurrency unicorn CoinSwitch Kuber launched the India Blockchain Accelerator (IBA) on Friday, December 17, 2021. The announcement follows the successful launch of eight innovative startups in the T-Block Accelerator’s first edition.

According to a statement, the second edition of the accelerator programme aims to empower India’s thriving blockchain startup ecosystem and maintain its commitment to foster the creation of India’s “Blockchain Ecosystem of the Future.” From investment partners Lightspeed and WoodstockFund, the winning startups will receive over $700,000 (roughly Rs 5.3 crore).

The government of Telangana hopes to further its commitment to making the state the “Blockchain Capital of the World” by launching the four-month accelerator, which will help futuristic startups take their technologies to the next level. Furthermore, according to the statement, the Telangana government will assist in establishing the necessary regulatory framework to enable and promote Blockchain growth.

Commenting on the launch, Jayesh Ranjan, Principal Secretary, ITE&C and Industries, Govt of Telangana, said,

 “The State of Telangana is committed to its vision to lead the blockchain innovation in India and is constantly striving towards it through its various initiatives. The India Blockchain Accelerator testifies our focus on providing the right support and guidance to talented individuals for the development of their visions.”

He continued by saying that,

 “The Government of Telangana has been at the forefront of utilizing the revolutionary blockchain technology across various sectors and has a goal of building a flourishing blockchain ecosystem in India. Through the program, we hope to provide opportunities to the participating startups to pilot their solution in Telangana so that they can enhance their solution and further contribute to the accelerating Indian technology sector”. 

Emerging Technologies Director Rama Devi was also present at the launch at T-Hub.

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said the best global startups of tomorrow would run on web3 blockchain infrastructure, and some of these startups will come from India. He said that,

 “The India Blockchain Accelerator aims to provide an essential support system to innovative blockchain entrepreneurs to help them build and scale their startups and contribute to the country’s prosperous blockchain ecosystem.”

IBA has been launched in partnership with Lumos Labs, a technology innovation management firm with expertise in running blockchain-based open innovation programs in India. IBA will be open to early-stage Web2 and Web3 startups and blockchain developers with innovative blockchain solutions that solve real-world problems in one of the tracks. Fintech, Entertainment, Sustainability Infrastructure and Tooling, Agritech, Logistics, and Healthcare are just a few of the identified tracks where solutions could be found.

As per the statement, the accelerator will support and equip innovative deep-tech blockchain startups with expert guidance and government accreditation. The accelerator is 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.

India is now a leading market for blockchain, cryptocurrency, decentralized finance, and other emerging technologies. The crypto tech industry in India has grown by over 39% in the last five years, according to the Nasscom Cryptotech Industry in India report. According to the Venture Intelligence Unicorn Tracker, more than 230 crypto tech startups and 34 Indian companies will achieve unicorn status in 2021. The accelerator is accepting applications here.

The Telangana government leads the Telangana Blockchain District. It brings together various aspects of the Blockchain technology world, such as tech companies, research organizations, academic institutions, startups, investors, enablers, and user groups & communities, all under one roof.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.