Digital Currency

Andhra Pradesh, an Indian state known for its efforts in exploring blockchain applications, is furthering that goal with a new agreement with a local fund firm.

According to a Tweet by the state’s government, Andhra Pradesh has signed a Memorandum of Understanding with Covalent Fund, to start a blockchain ecosystem as part of the souther state's Fintech Valley Vizag initiative.

The partnership will also soon launch a blockchain university, with a $10 million initial investment, according to the post.

Government of Andhra Pradesh has signed a MoU with Covalent Fund to start a Blockchain ecosystem in India, under @FintechValley, 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. pic.twitter.com/PAf3LAOuS0

 

— Andhra Pradesh CM (@AndhraPradeshCM) January 19, 2018

 

According to business news outlet Inc42, Covalent Fund will help the state provide blockchain startups greater access to capital and other resources, as well as developing a blockchain stack.

The state hopes to integrate blockchain platforms into official businesses by next year, said Andhra Pradesh IT Minister Nara Lokesh, according to Inc42. Part of the goal is to develop transparent governance through blockchain.

He continued, saying:

“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.”

The announcement marks the latest move by the seventh-largest Indian state in fostering applications of the blockchain technology. Last year, the state announced a partnership with blockchain startup ChromaWay to pilot a land registry ledger and a separate partnership with cybersecurity company WISeKey to secure private data on a blockchain.