Colombia’s capital of Bogotá has revealed a $2.3 million blockchain investment plan, as part of the city’s broader investment in innovative technologies.
It has been reported that the municipal government will provide 8.8 billion Colombian pesos ($2.3 million) to local companies as part of four new programs in the city’s Innovation, Technology, and Creative Industries Fund (FITIC).
However, the new funding includes a contribution of 2.8 billion pesos, ($739,000) to the development of local blockchain startups through a program called “Hub Blockchain Bogotá.”
The project aims to support 100 blockchain-focused companies in order to boost their competitiveness on the global market and provide tech advice for implementing blockchain within participating companies.
The report said that the new innovation funding campaign is organized with support from the Superior Mayor of Bogotá, the District Secretariat for Economic Development, Jorge Tadeo Lozano University, state entrepreneurship body Innpulsa, and Singapore-based blockchain accelerator Tribe Accelerator.
Claudia Lopez, the Mayor of Bogotá, said:
“Each company will be able to receive from the FITIC from 10 to 50 million pesos in capital to be able to take their idea forward.”
Colombia has been actively exploring blockchain technology. Last August, the Colombian Ministry of Information Technology and Communications called on the public sector to adopt blockchain technology in payments, land registration, voting, data management, supply chain, and others areas.
Thus, previously, Bogotá launched a series of free online courses on a broad spectrum of new technologies including blockchain.