Andhra Pradesh Partners with Covalent Fund to Develop Blockchain Ecosystem

According to a post on Twitter by the state’s government, Andhra Pradesh has inked a Memorandum of Understanding with Covalent Fund, to initiate a blockchain ecosystem as part of state’s Fintech Valley Vizag initiative. The collaboration will also soon kick off a blockchain university, with a $10 million initial investment, said the post.

What is Fintech Valley?

The Fintech Valley in Vizag is a self-sustainable global Fintech Ecosystem that focuses on converging finance and technology to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation.

Global financial services companies, government and academia come together in this valley to build capacity, infrastructure, market access, connectivity, funding channels, and incentive mechanisms to achieve unmatched business goals and successes.

Start-ups, financial Institutions, technology vendors, incubators/accelerators/innovation labs, and investors all contribute to and thrive in this ecosystem at the speed of business. Covalent Fund will help the state give blockchain startups more access to capital and other funds, as well as developing a blockchain stack.

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The state seeks to incorporate blockchain platforms into official businesses by next year, said Andhra Pradesh IT Minister Nara Lokesh.Part of the target is to cultivate transparent governance through blockchain.

Lokesh said:

“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.”

Last year, the state revealed a partnership with blockchain startup ChromaWay to pilot a land registry ledger.

Another partnership with cybersecurity company WISeKey to secure private data on a blockchain was also announced.

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