Indian state is to launch the blockchain ecosystem and now has also partnered with the funds
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:
“Government of Andhra Pradesh has signed a MoU with Covalent Fund to start a Blockchain ecosystem in India, under @FintechValley, Vizag. A Blockchain University will soon be set up and an investment of up to $10 million will be done as an initial pilot program.”
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.