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Colombia’s capital of Bogotá is funding blockchain growth as a part of the town’s broader funding in modern applied sciences.

In response to a Monday announcement on the town of Bogotá’s official web site, the municipal authorities will provide 8.8 billion Colombian pesos ($2.3 million) to native corporations as a part of 4 new packages within the metropolis’s Innovation, Know-how and Inventive Industries Fund, or FITIC.

The brand new funding features a contribution of of two.8 billion pesos, ($739,000) to the event of native blockchain startups by way of a program known as “Hub Blockchain Bogotá.” The venture goals to assist 100 blockchain-focused corporations as a way to enhance their competitiveness on the worldwide market and supply tech recommendation for implementing blockchain inside taking part corporations.

The brand new innovation funding marketing campaign is organized with assist from the Superior Mayor of Bogotá, the District Secretariat for Financial Growth, Jorge Tadeo Lozano College, state entrepreneurship physique Innpulsa, and Singapore-based blockchain accelerator Tribe Accelerator.

Associated: Colombia’s oldest commercial bank pilots crypto services

Bogotá Mayor Claudia Lopez took to Twitter on Monday to invite native companies to use for this system beginning on June 25. “Every firm will have the ability to obtain from the FITIC from 10 to 50 million pesos in capital to have the ability to take their concept ahead,” the mayor stated.

Colombia has been actively exploring blockchain know-how. Final August, the Colombian Ministry of Data Know-how and Communications called on the public sector to adopt blockchain know-how in funds, land registration, voting, knowledge administration, provide chain and others areas. Beforehand, Bogotá launched a series of free online courses on a broad spectrum of recent applied sciences together with blockchain.