Bangalore, Feb 26, 2020: Concord, a Silicon Valley-based scalable blockchain protocol, introduced its entry into the Indian market. They’re trying in direction of establishing partnerships in India’s startup ecosystem and foster the event of blockchain options within the Fintech area. With Fintech in India already booming, blockchain protocols are in search of significant integrations with startups and enterprises within the area to unravel actual pain-points.
Concord is seeking to accomplice, spend money on, incubate and supply grants to builders and fintech startups seeking to clear up issues throughout cross-border transactions, commerce finance, commodities finance, gaming, and digital items and lots of different industries. Entrepreneurs will be capable to use Concord’s open-source platform and instruments, leveraging the native ONE token to energy utility throughout quite a lot of use instances. Within the first part, Concord will choose 5 companions/builders to work on the cross-fi and de-fi use instances.
In accordance with the EY International FinTech Adoption Index 2019, the adoption of FinTech in India has grown by 87% which is 64% increased than the typical world charge. This progress has been attributed to a number of components resembling authorities initiatives, ease in entry to modern merchandise and onboarding of customers, and the willingness of the buyer market to undertake non-financial providers manufacturers if they’re partnered with their current banks.
A report by Make investments India states that the general transaction worth within the Indian FinTech market is estimated to leap from roughly $65 bn in 2019 to $140 bn in 2023, overtaking China as Asia’s high FinTech funding goal market. Moreover, a report by Gartner stipulated that blockchain know-how has the potential to generate three trillion USD per 12 months by 2034. With the current tendencies, the adoption of blockchain within the fintech area goes to open up a number of alternatives for India’s startup ecosystem. With the 2 areas of blockchain and FinTech set to develop in tandem, Indian startups and up-and-coming initiatives can actually use the assist by way of collaborations from skilled gamers like Concord.
Concord Protocol is among the main blockchain protocols that has made vital strides in fixing one of many largest issues in area – linear scalability. On account of this, Concord is among the high seven decentralized networks on the earth alongside Bitcoin, Ethereum, Monero, and Ripple’s XRP. They have already got a reside mainnet and their native ONE token is listed on a number of cryptocurrency exchanges.
The Concord group is worked up to collaborate with FinTech startups and builders in India that wish to clear up and scale their merchandise and use-cases by leveraging a quick, safe and decentralized blockchain platform. To be able to facilitate this, Concord is partnering with IBC Media – a startup that connects innovators with enterprises to unravel real-world drawback statements, to facilitate their imaginative and prescient in India.
“We’re excited to allow next-gen Fin-tech merchandise & use instances in India that leverage a quick & safe blockchain. On condition that India’s client base is adept with utilizing subtle intra-country cost choices just like the Unified Funds Interface (UPI) and several other digital wallets, we see a possibility to assist the expansion of this sector and are excited to collaborate with IBC Media to chart out this journey in India. Concord will certainly allow the creation and innovation of highly-scalable, safe, FinTech options.”Sahil Dewan, Co-Founder, Concord stated.
With respect to India’s rising want for enterprise options within the discipline of cross-border finance, (particular person) additionally expressed that Concord can allow the creation of options to scale back the time consumed with sooner, clear, and safe, merchandise.
“We’re very completely satisfied that Concord protocol is taking a look at India as a critical market and imagine that they are going to be a giant proponent in driving the expansion of the fintech sector in India” stated Raghu Mohan, CEO of IBC Media, “At IBC Media, we resonate with Concord’s imaginative and prescient to scale belief for billions of individuals and create a good financial system. We’re excited to accomplice with them to create higher alternatives and innovate within the Fintech area in India. Whereas it’s nonetheless early days for blockchain within the nation’s fintech sector, such collaborative efforts will discover extra widespread adoption going ahead.”
The Concord Protocol is a proof-of-stake blockchain that makes use of sharding to achieve extraordinarily quick, large-scale settlement for thousands and thousands of customers and helps companies construct marketplaces with fungible and non-fungible tokens. They facilitate the creation of blockchain options with zero-knowledge proof-enabled privateness and safety. With their entry into the Indian market, Concord will concentrate on leveraging India’s wealthy startup ecosystem and improve blockchain adoption via Decentralized finance (DeFi) and Cross border Finance (CrossFi).
For extra particulars, go to – https://concord.one/
About IBC Media:
IBC Media is an innovation administration firm, co-founded by Raghu Mohan, CEO and Kaavya Prasad, COO in 2018. The corporate runs technology-driven open innovation packages for know-how companies, corporates, governments, and funding companies. The character of the choices embrace developer/Startup packages for giant scale entities to attach with agile and modern small scale tech startups and innovators, Expertise led occasions that create commons areas for all trade stakeholders to have significant dialogue and advisory for fundraising and progress for startups in rising tech.
For extra particulars, go to – https://ibc.media/
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