Telangana Joins CoinSwitch Kuber, Lumos Labs to Launch ‘India Blockchain Accelerator’ Program for Startups


Before India lays down rules and regulations for the crypto space, a ‘blockchain accelerator’ is planning to give some startups the support they need to succeed. The Telangana government has tied up with crypto exchange Coinswitch Kuber and innovation management firm Lomos Labs to mark a blockchain education-focused initiative in India. Entrepreneurs looking to enter the blockchain space will be able to access the initiative to explore opportunities, mentorship, technical support and funding scope for their projects. The Bharat Blockchain Accelerator is the second edition of the T-Block Accelerator, a program launched from Telangana.

Blockchain is the underlying technology of cryptocurrencies and consists of information called blocks connected through cryptography. Blockchain technology currently supports cryptocurrencies, non-fungible tokens (NFTs), as well as the metaverse in present time.

The program will run for a period of four months and will be accept admission request From early stage Web2 and Web3 startups and blockchain the creator

Entrepreneurs from the eight selected startups will have the opportunity to secure up to $700,000 (approximately Rs 5.32 crore) for pre-seed and seed funding from companies such as Lightspeed and WoodstockFund.

Members of selected startups will also be allowed to participate in workshops, meet-ups, mentorship and coaching.

“Right now, anyone starting an online venture has to give 70 percent of their income to international infrastructure suppliers, and cash strike out. Blockchain business is creating an entirely new internet,” Ashish Singhal, Founder, CoinSwitch Kuber said.

The development comes at a time when India is contemplating which rules to implement crypto space,

The government has expressed concern that cryptocurrency Can be used to lure investors with misleading claims and to fund terrorist activities and money laundering.

Recently, the crypto market was shaken by reports that Parliament work schedule India included a bill seeking to ban all private cryptocurrencies from operating in the country. The agenda also states that the government wants to bring an official digital currency for India.

However, it is to be noted that this same bill was also listed for the budget session but was not discussed at that time.

At present, the proposal prepared by the Finance Ministry is awaiting Cabinet approval before reaching the Parliament.

Earlier this month, Prime Minister Narendra Modi’s Twitter handle was brief hacked, and a tweet that claimed India had “officially adopted bitcoin as legal tender” were excluded.

The Prime Minister’s Office later said that the account was immediately secured after the matter escalated on Twitter.

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