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

Bogotá, the capital of Colombia is funding blockchain development as part of the city’s broader investment in innovative technologies. According to an announcement made on Monday on the city of Bogotá’s official website, 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, or FITIC.

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.” They aim to support 100 blockchain-focused companies in order to improve their competitiveness in the global market and provide tech advice for implementing blockchain within participating companies.

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.

Related: Colombia’s oldest commercial bank pilots crypto services

Bogotá Mayor Claudia Lopez took to Twitter on Monday to invite local businesses to apply for the program starting from June 25. “Each company will be able to receive from the FITIC between 10 to 50 million pesos in capital to be able to take their idea forward,” the mayor said.

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 other areas. Previously, Bogotá launched a series of free online courses on a broad spectrum of new technologies including blockchain.

Social Share Buttons and Icons powered by Ultimatelysocial