Published Dec 03, 2022 | 7:07 PM ⚊ Updated Dec 03, 2022 | 7:07 PM
Telangana govt signs MoU with Coinbase to build web 3.0 community. Representational Image. (Creative Commons)
The Telangana government on Saturday, 3 December, signed a Memorandum of Understanding (MoU) with Coinbase Inc to collaborate in building a strong Web 3.0 community in the state.
The MoU was exchanged in the presence of Principal Secretary of the Industries & Commerce and Information Technology Departments Jayesh Ranjan, and the Director of Emerging Technologies Wing Rama Devi Lanka.
Coinbase Inc, a Web 3.0 giant and one of the largest Web 3.0 investors in the world, is interested in growing a network of developers and entrepreneurs working on blockchain, Decentralised Applications (dApps), tokens and other facets of Web 3.0 technology.
Telangana has a budding Web 3.0 ecosystem with several programmes being conducted by T-Hub to encourage the community in the state.
The state has also deployed several blockchain-based solutions to solve public issues and has been seen as a pioneer in the use of emerging technologies for the same, an official release from the Department of Information Technology said.
Through this partnership, Coinbase will support Web 3.0 entrepreneurs of Telangana through capacity-building sessions, mentorship programmes, and promoting initiatives conducted with the help of Telangana’s innovation ecosystem partners.
It will also provide knowledge support and act as a technical advisor for Web 3.0-related initiatives implemented by the government.
Apart from these, Coinbase will also work closely with the government on its upcoming Web 3.0 Regulatory Sandbox aimed at supporting organisations working with Web 3.0 technologies to navigate the regulatory systems in place.
Telangana will also collaborate with other venture capital firms and regulatory bodies for specific use cases to enable better results for the sandbox, the press release said.
After the exchange of the MoU, Jayesh Ranjan said, “This is a wonderful opportunity for Telangana to establish itself as the hub of Web 3.0 technology in India. With this partnership we aim to further our mission of building a vibrant innovation ecosystem by encouraging entrepreneurs and innovators in this community and in the process, hope to have some innovative products come out of the state.”
Katie Mitchell, director of APAC policy at Coinbase, said: “Telangana is a key source of India’s innovative and technological leadership around the world… We are excited for the road ahead, and for a partnership which will contribute to realising the technological and economic potential of Web 3.0 for India.”
