The Colombian capital, Bogotá, is funding blockchain improvement as component of the city’s wider investments in revolutionary technologies.

According to an announcement on the city’s official internet site on Monday, the city government will present Colombian pesos of eight.eight billion (US $ 2.3 million) to regional companies via 4 applications below the city’s Innovation, Technology and Creative Industries Fund FITIC.

The new funding incorporates a contribution of two.eight billion pesos ($ 739,000) to create regional blockchain startups via a plan named Hub Blockchain Bogotá. The project aims to assistance one hundred blockchain-focused corporations to increase their competitiveness in the international market and to present technologies assistance for blockchain implementation in participating corporations.

The new innovation promotion campaign was organized with the assistance of the Lord Mayor of Bogotá, the County Economic Development Secretariat, Jorge Tadeo Lozano University, the state entrepreneurship agency Innpulsa and the household organization Tribe Accelerator primarily based in Singapore.

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Bogotá’s mayor Claudia Lopez went on Twitter on Monday invite Local companies will register for the plan from June 25th. “Any company can get 10 to 50 million pesos in capital from FITIC to implement their idea,” stated the mayor.

Colombia is actively researching blockchain technologies. Last August, the Colombian Ministry of Information and Communication Technology urged the public sector to adopt blockchain technologies for payments, land registry, voting, information management, provide chains and other places. Previously, Bogotá launched a series of free of charge on the net courses on a variety of new technologies, which includes blockchain.