The team behind bitcoin company, GBMiners, said that it has started South Asia’s first Blockchain incubator called Satoshi Studios.
Named after Satoshi Nakamoto, the mysterious creator of bitcoin, the incubator is inviting applications from entrepreneurs working in South East Asia region.
The incubator will offer a three-month intensive residency programme for entrepreneurs in New Delhi. The entrepreneurs will also be able to interact with GBMiners team, other blockchain start-ups and top bitcoin industry experts. The incubator will give entrepreneurs $50,000 in funding for an 8-15 per cent equity in the company.
“Our vision is to build New Delhi as the blockchain knowledge hub of Southeast Asia,” said Amit Bhardwaj, co-founder of GBMiners in a statement.
Blockchain is a kind of distributed database that keeps a permanent and tamper-proof ledger of transaction data. It is commonly associated with bitcoin which is a digital currency that is not supported by any country’s government or central bank.
Also known as crypto-currency, bitcoin can be traded for services or goods with sellers who accept bitcoins as payment. Mr. Bhardwaj said that South East Asia and bitcoin adoption will be a very symbiotic relationship.
He said the region is world’s largest inward remittance market and also has the world’s largest un-banked population. “The times could not be better for bitcoin adoption especially with Indian economy’s biggest currency notes being demonetised recently.”