New incubator seeks out Southeast Asia’s blockchain and bitcoin startups

Let’s get down to business. Photo credit: satyrenko / 123RF.

If you’re just starting work on a blockchain tech startup in Southeast Asia, there’s a new gateway open to you. Satoshi Studios, a brand-new incubator for Southeast Asia, is seeking startups to whip into shape for its first batch.

Satoshi Studios is named after Satoshi Nakamoto, the creator of Bitcoin (well, sort of).

Founded by Nikunj Jain, Sahil Baghla, and Ayush Varshney, Satoshi Studios is backed by some bitcoin veterans, including Roger Ver, Amit Bhardwaj, and BitAngels founder Michael Terpin. Roger alone funded the seed rounds for the first generation of bitcoin businesses. Amit is an advocate for bitcoin adoption in India.

The Gurgaon-based incubator is now taking applications for its first batch. Each of the six chosen startups will receive a US$50,000 investment for 8 to 15 percent company equity. The six will live and work together in New Delhi for three months, beginning April 1. The Delhi program will include “intensive sessions” led by blockchain experts.

Each startup will receive a US$50,000 investment.

Why take startups from one region and incubate them in another? Sahil tells Tech in Asia the two regions have “similar opportunities,” and he and the Satoshi Studios team wanted to take advantage of the network and blockchain ecosystem they already had in and around Delhi.

Doors have opened for bitcoin and other fintech solutions since India’s demonetization, in which the country made a push to go cashless by voiding its largest currency bills. While new bills are on the way, cash is hard to get, resulting in people turning to card and other payment solutions.

Applications for the incubator opened on December 5, and the deadline is February 28.

See: India’s drive against cash opens door for a new bitcoin app