Wednesday, Feb 28 2024 | Time 08:31 Hrs(IST)
Business Economy

Telangana Govt signs MoU with Coinbase Inc

Hyderabad, Dec 3 (UNI) Telangana Government on Saturday signed a Memorandum of Understanding (MoU) with Coinbase Inc. to collaborate towards building a strong Web 3.0 community in the state.

The MoU was exchanged in the presence of Jayesh Ranjan, Principal Secretary of Industries & Commerce and Information Technology departments and the Director of Emerging Technologies Wing Rama Devi Lanka.

Telangana has a budding Web 3.0 ecosystem with several programs 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.

Through this partnership, Coinbase will be supporting Web 3.0 entrepreneurs of Telangana through capacity building sessions, mentorship programs, 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 Inc. will also work closely with the Government of Telangana on its upcoming Web 3.0 Regulatory Sandbox aimed at supporting organizations working with Web 3.0 technologies to navigate the regulatory systems in place.

The Telangana government will also collaborate with other Venture Capital firms and regulatory bodies for specific use-cases to enable better results for the sandbox.

Speaking on the occasion, Jayesh Ranjan said, “ 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, The Government of Telangana had the prudent vision to use the "Triple Helix Model" for innovation, based on collaboration between industry, academia, and government.
This MoU and the activities to follow support that vision.

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," he added.
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