Indian state government to accredit Web2 and Web3 blockchain based startups

Telangana will launch the blockchain program in partnership with CoinSwitch Kuber and Lumas Labs.

Indian state government to accredit Web2 and Web3 blockchain based startups

The state government of Telangana declared the launch of the India Blockchain Accelerator program to encourage early-stage Web2 and Web3 startups and blockchain developers aimed at solving real-world challenges. The program will be dispatched in partnership with unicorn crypto exchange CoinSwitch Kuber and Lumos Labs. a technology innovation management firm.

According to the official announcement, the state government's four-month blockchain accelerator initiative will be open to early-stage Web2 and Web3 startups and blockchain developers. The program seels blockchain-based solution for real-world problems across various business verticals, including fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare.

Lanka also disclosed the government's ongoing efforts into identifying various use cases in nonfungible tokens(NFT), decentralized finance(Defi), and other crypto initiatives for mainstream implementation, Recognizing a bullish intent towards leveraging the upcoming blockchain innovations.

Lanka likewise revealed the public authority's continuous endeavors into recognizing different use cases in nonfungible tokens (NFT), decentralized money (Defi), and other crypto drives for standard execution. Recognizing a bullish goal towards utilizing the forthcoming blockchain developments.

“The government of Telangana is also focusing on developing and supporting a large scale of the Indian Blockchain talent pool, hopefully, of around 100K in the next 3-4 quarters.”

Lumos Labs co-founder kavya Prasad resonated similar sentiments as she featured the state governments in new blockchain initiatives. She stressed the need for greater interest towards pilots and production-ready applications:

“A collaborative effort from various State Governments will further accelerate the growth of this space and we would be able to have more streamlined progress.”

Additionally, CoinSwitch Kuber founder and CEO Ashish Singhal said that the best global startup of tomorrow would run on Web3 blockchain infrastructure, focusing on India's potential to become a net exporter of technology.

A recent report proposed that the Indian government won't force a restriction on cryptocurrencies. According to NDTV Indian news outlet, a note from the Cabinet meeting identified with the crypto bill hinted towards an upcoming regulation.

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