Indian state Andhra Pradesh has signed a Memorandum of Understanding with the Covalent Fund to start a blockchain ecosystem, which includes launching a blockchain university for an initial USD 10 million investment, according to a tweet by the government of the state.
This is part of the state’s Fintech Valley Vizag initiative. No further details about the investment in the university were given.
Andhra Pradesh IT Minister Nara Lokesh said for business news outlet inc42, “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 startup state like ours.”
Ram Yalamanchili, partner at Covalent Fund said, “Blockchain opportunities are naturally aligned with large democratic systems like India and it is an opportune time for the State of Andhra Pradesh to become a leading destination. But we are most excited to build the largest, open and cryptographically secure ledger of information (Velugu Core) on a blockchain protocol designed in compliance with the Indian regulatory framework.”
Covalent Fund is to help the state provide blockchain startups better access to capital and create manpower, according to inc42.
This is not the first such venture by this state: last year, they announced a partnership with WISeKey, a worldwide security and authentication firm, to secure citizen data with blockchain tech, as well as with blockchain startup ChromaWay on a land registry pilot that uses blockchain to track property ownership.