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Colombian capital supports blockchain and emerging tech with $2.3M fund

Colombia’s cash of Bogotá is funding blockchain progress as element of the city’s broader expenditure in impressive systems.

According to a Monday announcement on the city of Bogotá’s official website, the municipal govt will present 8.8 billion Colombian pesos ($2.3 million) to regional companies as section of four new packages in the city’s Innovation, Technology and Artistic Industries Fund, or FITIC.

The new funding contains a contribution of of 2.8 billion pesos, ($739,000) to the progress of community blockchain startups via a system called “Hub Blockchain Bogotá.” The challenge aims to aid 100 blockchain-focused businesses in purchase to strengthen their competitiveness on the international market and offer tech tips for employing blockchain within just participating companies.

The new innovation funding marketing campaign is organized with assistance from the Exceptional Mayor of Bogotá, the District Secretariat for Financial Progress, Jorge Tadeo Lozano College, state entrepreneurship entire body Innpulsa, and Singapore-based mostly blockchain accelerator Tribe Accelerator.

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Bogotá Mayor Claudia Lopez took to Twitter on Monday to invite neighborhood corporations to utilize for the method starting up on June 25. “Each enterprise will be able to receive from the FITIC from 10 to 50 million pesos in capital to be capable to acquire their idea ahead,” the mayor said.

Colombia has been actively discovering blockchain technology. Final August, the Colombian Ministry of Information and facts Technological innovation and Communications called on the public sector to undertake blockchain technological innovation in payments, land registration, voting, information administration, offer chain and many others areas. Earlier, Bogotá launched a collection of absolutely free on the web courses on a wide spectrum of new systems which includes blockchain.