Colombia’s Capital Unveils $750K Blockchain Investment Plan
Colombia’s capital city, Bogota, has unveiled a 2.8 billion Colombian peso ($750,000) investment program to finance blockchain companies.
Investments of between roughly $2,600 and $13,300 will be made in 100 companies, which will receive advice on implementing blockchain technology into their business models, Colombian publication Semana reported June 22.
Companies can apply to the Bogota Innovation, Technology and Creative Industries Fund for investment through the program starting today.
The program is part of a wider 8 billion Colombian peso ($2.8 million) investment into innovative industries aimed at advancing Bogota as a “smart city.”
Colombia’s financial regulator launched a cryptocurrency sandbox earlier this year allowing banks to explore business models associated with handling crypto assets.
The country saw major growth in crypto use in 2020, with peer-to-peer marketplace LocalBitcoins reporting Colombia accounted for 11.3% of its global trading volume throughout the year.
CORRECTION (June 25, 17:30 UTC): An earlier version of this story failed to convert from Colombian pesos to U.S. dollars. The funding committed to Bogota‘s blockchain investment program totals $750,000, not $2.8 billion, as was previously reported.
