Andhra Pradesh partners with fund firm to start blockchain ecosystem



An Indian state, Andhra Pradesh widely known for its interest in blockchain apps, is trying to get closer to its dream via a fresh agreement with a local fund business.

As the state’s government twitted, a Memorandum of Understanding had been signed by Andhra Pradesh with Covalent Fund to launch a blockchain ecosystem within the state’s Fintech Valley Vizag initiative.

The partnership is going to give birth to a blockchain university soon. As follows from the tweet, its initial investment will account for $10 million.

According to some local sources, Covalent Fund is on the verge of assisting the state in providing blockchain startups free access to capital as well as other resources, to say nothing of creating a blockchain stack.

Andhra Pradesh actually hopes to have blockchain platforms integrated into official companies by 2019, as Nara Lokesh, the state’s IT Minister revealed. Apparently, part of the objective is to create transparent governance via blockchain.

The news marks the fresh revolutionary move by the seventh-largest Indian state in backing the further development of blockchain applications.

Share the world!

Add a Comment

Your email address will not be published. Required fields are marked *

Show Buttons
Hide Buttons