economy

Telangana govt, CoinSwitch Kuber, Lumos Lab launch Web3 accelerator

Telangana govt, CoinSwitch Kuber, Lumos Lab launch Web3 accelerator

The Government of Telangana has partnered with crypto startup CoinSwitch Kuber and Lumos Labs to launch a blockchain accelerator to help early-stage blockchain startups build go to market solutions. The accelerator will also provide them the opportunity to raise pre-seed/seed funding of over $700,000 from the accelerator’s investment partners. The duration of the accelerator will be four months, during which promising web 2 and web 3 startups and developers with interesting blockchain solutions solving real-world problems will be provided space for incubation, support from the ecosystem, government accreditation, go to market support. The accelerator is backed by major companies and government agencies that will provide support at various stages of the startups growth. For instance, Nervos Network, Stellar, Filecoin, Streamr, and Neo Protocol will provide sponsorship to the accelerator. Similarly, Builders Tribe will provide support for incubation and Guwahati Biotech Park, an initiative by the Assam government, will be the program partner for the accelerator. Lightspeed and Woodstock Fund will provide investment to the startups. 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, Jayesh Ranjan, Principal Secretary, ITE&C and Industries, Govt of Telangana said in a statement. According to industry body NASSCOM, Telangana and Andhra Pradesh are the leaders in blockchain adoption by governments in India. The Telangana government has deployed blockchain-based solutions in the land registry, microfinance and digital education certificates. Through this accelerator, we hope to see hundreds of startups showcase their best to governments and global networks alike, furthering the India story in the global Web3 movement, Kaavya Prasaad, Co-founder, Lumos Labs said in a statement. Prasaad further added, our focus is to reach the grassroots of innovators through our custom made innovation programs and the India Blockchain Accelerator. Lumos Labs is an innovation management firm that has run blockchain-based innovation programs in the past. 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. Download.

economy 2021-12-18 Livemint