An internship in a top 100 blockchain project, trading in cryptocurrencies and a 22 year old legal background Anurag Rao on the way to a blockchain consultation with friend and lawyer Pranav Shivram.

Blockpact, based in Bengaluru, was founded in August last year and provides legal, marketing and business development solutions for blockchain companies in the early stages of the brainstorming phase. It also helps projects raise funds.

“We don’t actually do the coding of the project, but we do support you with everything else it takes to get to market, including branding, marketing, fundraising, and regulatory advice,” says Anurag, a blockchain enthusiast for some time Years.

Pranav, co-founder of Blockpact

The springboard

Anurag, a law student from Christ, Bengaluru, has been a crypto trader for nearly three years. Prior to its inception, he had worked for several law firms.

During this time he had the opportunity to practice a top 100 blockchain project at Reserve.org.

“I worked with a great team and learned a lot about the blockchain area and how it works,” says Anurag. “I ultimately used that experience to get a full-time position on a project called LGCY Network.”

23-year-old co-founder Pranav shares Anurag’s interest in blockchain. They have been friends since participating in a debate organized by the National Academy of Legal Studies and Research.

“We have often talked about developments in the blockchain area,” says Anurag. “Eventually we started to work together and consider our cumulative interests.”

The couple noted that alongside the opportunities in the growing blockchain space, there is a lot of ambiguity around regulation, legality, and know-how. These became the springboard for Blockpact.

Currently the start three core customers and grows 10 percent in terms of sales. The team has also worked on other short projects. All business proposals are private and tailored to customer needs.

“We worked around 12 projects from the beginning and are also angel investors in a number of early projects, ”says Anurag. “We also have plans to set up a venture capital fund.”

Market potential

Anurag does not disclose what Blockpact charges its customers, but says that the startup is working on a subscription / retention model for some projects, while doing task-based jobs for others for a limited period of time.

Blockpact is currently working at the advisory level and is being booted. It competes with traditional consulting firms like Accenture, which provides blockchain advisory services, as well as law firms such as Advomi.

According to a 2019 Research and Markets report Blockchain issues in India an average annual growth rate of 47.3 percent from $ 289 million in 2019 to $ 4.35 billion by 2025.

Most of the blockchain startups in India are crypto-related. These include Unocoin, Giottus, CoinDCX, Instadapp, WazirX and Nuo.

There are still many regulatory challenges and gray areas that blockchain startups deal with on a daily basis.

“We are in a niche area that is still emerging at this point, and we consider ourselves early stakeholders in this area,” says Anurag. “Although there are more experienced consulting firms out there, we believe our understanding of the performance of a project on site and the practical difficulties that exist in the blockchain ecosystem, aside from theoretical knowledge, sets us apart.”

In addition to the plans for Blockpact, the startup wants to educate people about blockchain developments in India and around the world.

“We also believe that more blockchain companies will emerge in India. Our goal is to help them scale and go to market,” he added.