Government of Andhra Pradesh inks MOU with Covalent Fund to develop Blockchain India Stack

Amaravathi: After a very successful Blockchain Business Conference held by the Government of Andhra Pradesh at its Fintech Valley Vizag in October 2017, the government is on its way to take the next big step to establish itself as the Blockchain capital of the world. Covalent Fund has inked an MOU with the Government of Andhra Pradesh to kickstart a blockchain ecosystem in India. Covalent Fund is a family office fund managed by Ram Yalamanchili and this cooperation agreement will 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.

Hon’ IT Minister Shri Nara Lokesh said, “The Government of Andhra Pradesh envisages to become blockchain enabled via its digital assets by 2019. We are bullish on blockchain as a technology platform and are very keen to adopt it to make way for transparent governance. Learning from the success of the India stack, which is a unique digital infrastructure with open APIs, we believe that a India Blockchain stack will revolutionize the way the economy would function in the near future. Our collaboration with Covalent Fund is focused on 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.”

Ram Yalamanchili, Entreprenuer and Partner at Covalent Fund said, “It is predicted that 10% of the global GDP would be tracked or otherwise regulated by blockchain by 2027. Blockchain offers a completely new paradigm for applications built on expressive protocols with nascent market penetration and a massive interest from early stage venture capital. 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. Covalent Fund will work in collaboration with the state of Andhra Pradesh to set up a Blockchain University and also carve out a venture fund to invest upto $10 million as an initial pilot program. 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.”

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