- Telangana Blockchain District-backed T-Block Accelerator partners with Matic Network, Harmony and æternity.
- The partnership is to bolster the accelerator programme and equip Indian blockchain startups with tools they need for their products.
- The selected startups will receive guidance as well as grants and funding opportunities.
India is becoming a thriving hotbed for tech startups. In fact, the deep-tech sector in India has grown at a CAGR of 40% since 2014, and almost 18% of startups are leveraging modern technologies to create solutions, according to the NASSCOM Zinnov Indian Tech Start-up Ecosystem 2019 Report.
Clearly, the Indian tech startup ecosystem is treading on an upward trajectory. And now, to further boost the country’s blockchain sector, Telangana Blockchain District-backed T-Block Accelerator, the introductory accelerator program, announced its partnership with three international blockchain protocol companies which include Matic Network, Harmony and æternity as its platform partners.
Developed by the Telangana Government along with Tech Mahindra and run by innovation management company IBC Media, the T-block blockchain accelerator is aimed at startups that have used blockchain to launch a product, therefore, contributing to the growth of the overall industry.
With the addition of these three new partners, T-Block said that it will provide selected Indian startups with “technical support to build their solutions on their platform, market support in Europe, technology implementation support and grants.”
While Indian blockchain network, The Matic Network will provide a “high scale platform for decentralized applications,” the æternity Blockchain, founded by Yanislav Malahov who is deemed as ‘the Godfather of ethereum’, will support the programme through its smart contracts. Additionally, Silicon Valley-based Harmony Protocol will give the startups the ability to increase blockchain adoption through decentralized finance and Cross border Finance. It will also aid startups to “transact digital assets on its global ledger with instant confirmation and near-zero transaction fees.”
On the new announcement, co-founder of Harmony, Sahil Dewan said that the firm is bullish about “India’s technology prowess and are excited to enable the creation and innovation of highly-scalable & secure FinTech solutions through our partnership with T-Block Accelerator.
“We are happy to support them with the technical expertise to build products & applications on our platform and aid them with grants that will provide the necessary impetus for their growth in this journey,” Dewan said.
Commenting on the new partnership Rama Devi Lanka, Director of Emerging Technologies & Officer on Special Duty, ITE&C Department, Government of Telangana said: “Building synergies between all the stakeholders in this ecosystem will propel India’s blockchain revolution.
“As the first government-led blockchain accelerator, this partnership is a true testimony to how a synergy between the government body and private players can support innovators in their entrepreneurial journey and will help build, scale, and create amazing opportunities for startups.”
Launched in February 2020, the T-Block Accelerator has already the selected startups which will – in the coming months – undergo a one-week boot camp, followed by a four-month-long intensive training program, after which the founders will be given an opportunity to pitch their ideas and get mentored by experts from the government of Telangana, Tech Mahindra, C-DAC, and IIIT Hyderabad.
With this project, T-Block said that it aims to “strengthen Telangana Government’s endeavor to make Telangana as the ‘Blockchain Capital of the World.’”