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Six finalists of the competition will receive $50,000 each. The blockchain incubator promises the winners mentorship sessions with Michael Terpin and Roger Ver.

The application form is available on the Satoshi Studios website. Applicants are required to provide information in 19 articles from basic details (Name, Skype name) to more in-depth questions concerning the possible target audience and the development stage the project has reached at the time of submission.

The new incubator appeals to “startups that are looking to solve real world problems through blockchain.” The deadline for the application is 28 February.

Each of the six participants selected for Batch 1 will receive $50,000. Satoshi Studios will invite them to stay in New Delhi to work and live together for three months. The winners will enjoy mentorship sessions with Satoshi Studios backers including Roger Ver and Michael Terpin (who co-founded BitAngels – the first network for angel investments in bitcoin/digital currency companies).

However, participation in the batch is not totally free. According to Satoshi Studios, the company plans to hold 8 to 15% of shares from each participating startup.

Satoshi Studios is a blockchain incubator established by a group of crypto enthusiasts with an experience in bitcoin investment. Its founder Sahil Baghla believes that bitcoin adoption in India may happen in the near future.

“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,” said Sahil.

In June 2016, the Central Bank of India, overall friendly to bitcoin, announced a plan to create a committee to study the distributed ledger technology. The bank management admits that blockchain has a “tremendous potential”.

“The environment in India for cryptocurrency is extremely positive and we are planning to utilise the amount to promote bitcoins as a reliable currency and investment option,” notes Saurabh Aggarwal, co-founder of Indian bitcoin wallet Zebpay in his interview to Economic Times. Over the last three years, the investment into Indian fintech startups has risen to $1.3 bln, as shown by the research of Zinnov consulting firm.

Roman Korizky

Image via Flickr