Harmony enters India market to foster development of Blockchain solutions in FinTech sector
Harmony, a Silicon Valley-based scalable blockchain protocol, announced their entry into the Indian market. They are looking towards establishing partnerships in India’s startup ecosystem and foster the development of blockchain solutions in the Fintech space. With Fintech in India already booming, blockchain protocols are looking for meaningful integrations with startups and enterprises in the space to solve real pain-points.
Harmony is looking to partner, invest in, incubate and offer grants to developers and fintech startups looking to solve problems across cross-border transactions, trade finance, commodities finance, gaming, and virtual goods and many other industries. Entrepreneurs will be able to use Harmony’s open-source platform and tools, leveraging the native ONE token to power utility across a variety of use cases. In the first phase, Harmony will pick five partners/developers to work on the cross-fi and de-fi use cases.
A report by Invest India states that the overall transaction value in the Indian FinTech market is estimated to jump from approximately $65 bn in 2019 to $140 bn in 2023, overtaking China as Asia’s top FinTech funding target market. Additionally, a report by Gartner stipulated that blockchain technology has the potential to generate three trillion USD per year by 2034. With the present trends, the adoption of blockchain in the fintech space is going to open up several opportunities for India’s startup ecosystem. With the two areas of blockchain and FinTech set to grow in tandem, Indian startups and up-and-coming projects can really use the support via collaborations from experienced players like Harmony.
The Harmony team is excited to collaborate with FinTech startups and developers in India that are looking to solve and scale their products and use-cases by leveraging a fast, secure and decentralized blockchain platform. In order to facilitate this, Harmony is partnering with IBC Media - a startup that connects innovators with enterprises to solve real-world problem statements, to facilitate their vision in India.
“We’re excited to enable next-gen Fin-tech products and use cases in India that leverage a fast and secure blockchain . Given that India’s consumer base is adept with using sophisticated intra-country payment options like the Unified Payments Interface (UPI) and several digital wallets, we see an opportunity to support the growth of this sector and are excited to collaborate with IBC Media to chart out this journey in India. Harmony will definitely enable the creation and innovation of highly-scalable, secure, FinTech solutions.”Sahil Dewan, Co-Founder, Harmony said.
With respect to India’s growing need for business solutions in the field of cross-border finance, (person) also expressed that Harmony can enable the creation of solutions to reduce the time consumed with faster, transparent, and secure, products.