Colombia’s Capital Unveils $2.8B Blockchain Investment Plan

Colombia’s Capital Unveils $2.8B Blockchain Investment Plan

Colombia’s capital city, Bogota, has unveiled a $2.8 billion investment program to finance blockchain companies.

  • Investments of between $10 million and $50 million will be made into 100 companies, who 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 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 that Colombia accounted for 11.3% of its global trading volume throughout the year.
  • Source