An Indian State – Andhra Pradesh, which is famous for its craving to expole blockchain apps, is now partnering up with a local fund company to establish a blockchain ecosystem.
Andhra Pradesh state has posted on its Twitter account a brief info about signing a Memorandum of Understanding with Covalent Fund. This is a start to builcing the ecosystem as part of the souther state’s Fintech Valley Vizag initiative.
According to the post, this partnership will also result in establishing a blockchain university. It already has a $10 million initial investment.
Covalent Fund will play the keyrole in the ecosystem development. They will not only invest and help to fundraise, but also develop a blockchain stack and give access to various tech resources required.
Part of the initiative is to develop a transparent governance with the help of blockchain. The state’s aim is to integrate blockchain technology into various official businesses by next year.
Nara Lokesh, IT Minister, commented:
“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.”