Indian State Partners with Funds in order for Launching the Blockchain Ecosystem

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Indian state is to launch the blockchain ecosystem and now has also partnered with the funds

Andhra Pradesh, an Indian state which is known for its efforts on exploring the blockchain applications, is now all set to have a new agreement with a local fund firm.

One of the Tweet by the state’s government, Andhra Pradesh has signed a Memorandum of understanding with Covalent Fund in order to begin a blockchain ecosystem as a part of the southern state’s Fintech Valley Vizag initiative.

The partnership will also be soon launching a blockchain university, with a $10 million initial investment.

Andhra Pradesh’s Chief Minister Tweeted:

According to business news outlet Inc42, Covalent Fund will help the state while providing the blockchain startups greater access to capital and other resources, as well as developing a blockchain stack.

Andhra Pradesh IT Minister Nara Lokesh said The state hopes to integrate blockchain platforms into official businesses by next year. Part of the goal is to develop open governance through blockchain.

“Our collaboration with Covalent Fund is focused on the creation of a world-class sustainable blockchain ecosystem in the state that will make in ways for innovative startups to work with a start-up state like ours.”

The decision considers the latest progress by the seventh-largest Indian state in fostering applications of the blockchain technology.

Recently, Indian Government announced that it will be adopting the Blockchain Technology under NITI Aayog.