Colombia’s capital of Bogotá is reportedly planning financial support for blockchain via funding, as included within the scope of a bigger investment in innovative technologies.

Specifically, as revealed via the city of Bogotá’s official website, the municipal authority will reportedly offer 8.8 billion Colombian pesos ($2.3 million) to firms in the region, as included within the scope of four new programs in the city’s Innovation, Technology and Creative Industries Fund (FITIC). 

The new funding will reportedly cover a fund of 2.8 billion pesos, ($739,000), dedicated to the growth of blockchain startups in Colombia, via a project dubbed “Hub Blockchain Bogotá”. 

This project reportedly has a primary goal of lending support to 100 blockchain-centric entities, in an attempt to make it more competitive among them on the international market, as well as offering tech-related suggestions for blockchain implementation within participating firms. 

The new innovation funding campaign was reportedly established with support from the Superior Mayor of Bogotá, the District Secretariat for Economic Development, Jorge Tadeo Lozano University, state entrepreneurship body Innpulsa, and blockchain accelerator Tribe Accelerator from Singapore.

Bogotá Mayor Claudia Lopez reportedly used Twitter to call for the application of companies in the nation for the project, which commenced to start on June 25th. 

“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 reportedly been spending extensive efforts in studying the blockchain sphere. In August 2020, the Colombian Ministry of Information Technology and Communications urged for blockchain adoption from the public sector, across a variety of fields – payments, land registration, voting, data management, supply chain and others.