Covalent Fund has signed an agreement with the Andhra Pradesh government to set up a Blockchain university.

The pact will also focus on creation of manpower, access to capital and creation of an India-focused Velugu Blockchain stack under Fintech Valley Vizag, the flagship initiative of the state.

Covalent Fund, a family office fund managed by Ram Yalamanchili, will also carve out a venture fund to invest upto $10 million as an initial pilot programme.

Information Technology Minister Nara Lokesh said the state envisages to become Blockchain enabled via its digital assets by 2019. “We believe that a India Blockchain stack will revolutionise the way the economy would function in the near future.”