Blockchain University under Fintech Valley, Vizag

Andhra Pradesh Government has signed a Memorandum of Understanding with Covalent Fund. The agreement is aimed at setting up Block-chain University under Fintech Valley in 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. The pact will also focus on creation of manpower, access to capital and creation of an India-focused Velugu Blockchain stack under Fintech Valley Vizag, the flagship initiative of the state.

Furthermore, the collaboration between the Andhra Pradesh government and Covalent Fund is aimed at enhancing start-ups access to capital as well as creating manpower.

Commenting on the development IT Minister Nara Lokesh said, ‘’The Government of AP envisages becoming blockchain enabled through its digital assets by 2019. We believe that an India Blockchain stack will revolutionise the way the economy would function in the near future, he added. 

The latest alliance with covalent Fund is an important step in the state governments aim to emerge as the country’s fintech capital. 

The global blockchain market is forecasted to touch $2.3 Bn by 2021 and this immense potential of the still-untapped technology. Has made SBI to form a banking community called BankChain in February 2017 to explore and implement blockchain in banking. Bankchain is a community of 27 banks from India and the Middle East. 

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