South East Asia has got its first blockchain incubator and it’s started by the team behind GBMiners.com (South East Asia’s largest bitcoin mining pool), and backed/invested by Amit Bharadwaj. The incubator is very aptly named Satoshi Studios and is inviting applications from entrepreneurs working in the South East Asia region.
The incubator has a 3-month intensive residence program in New Delhi, India, where the founders will spend time with the GBMiners team and other blockchain startups and receive 50K USD in funding for 8%-15% equity in the company.
“Our vision is to build New Delhi (India) as the Blockchain Knowledge Hub of Southeast Asia,” says Amit Bhardwaj.
Speaking on the topic, Amit said, “South East Asia and bitcoin adoption will be a very symbiotic relationship. The region is the world’s largest inward remittance market and also has the world’s largest unbanked population. There is so much potential in bitcoin’s adoption in the region, and the times could not be better for bitcoin adoption especially with the region’s largest economy’s biggest currency notes being demonetized recently.”
The Indian economy is undergoing interesting times, where the Prime Minister Modi recently demonetised 500 and 1000 rupee currency notes, which formed majority of the paper currency in circulation in the country and the aggressive Prime Minister is rigorously pushing for a cashless economy.
In our conversation with the incubator’s co-founder, Sahil Baghla, he said, “We had been receiving a lot of interest from fellow entrepreneurs seeking feedback on their idea on the blockchain and some of the entrepreneurs we’ve met are building some really interesting applications on blockchain, and we wanted to work with them and see if we could get an opportunity to know and work with more of these geniuses.”
On being questioned about why focus on the South Asian region and not any other, Amit said, “These economies have shared areas of impact from the blockchain technology and applications needed to solve their problems will be more or less similar.” He also added, “GBMiners’s access to blockchain-friendly investors will provide the necessary connections for the entrepreneurs to be able to raise capital from the right people in the region and also save them from reinventing the wheel.”
Speaking about the other perks that the incubator will the offering to the selected startups, Sahil said, “Startups will get an awesome workspace and living space for 3 months in New Delhi. There will be intensive mentorship sessions by blockchain experts, which will help startups to reach the product market fit quickly.”
The team behind GBMiners has been growing aggressively, the recently launched pool grew to become the 2nd largest pool outside China, and gather a pool of 65 Petahashes, in a span of less than 3 months of launch.