Welcoming Crypto Money, Bogota Holds A Contest Worth IDR 40.3 Trillion To Fund Blockchain Companies

JAKARTA - The capital city of Colombia, Bogota has a special program to fund blockchain companies. The funding program is called Hub Blockchain which will inject funds of 40.3 trillion to blockchain companies that pass the selection.

This is a form of Bogota's support for crypto technology. A number of parties supported the agenda, including the University of Jorge Todeo Lozano, Biointropic y Tribe Accelerator Singapore and Innpulsa.

Launching News.Bitoin, companies that are interested in getting the funding must present their proposals to the Fitic institution, Bogotá Innovation, Technology, and Creative Industries Fund (FITIC).

Fitic will select appropriate proposals to be funded by the Bogota government. A number of projects that have innovative ideas to solve the problems that exist in the city will have their own advantages.

In addition, each startup will get 10 million US dollars (equivalent to Rp. 144.3 billion) to 50 million US dollars (equivalent to Rp. 721.7 billion). The funds are earmarked for the development of company proposals.

The selected startups will receive technical guidance from the Fitic institution in implementing the ideas in the proposals that have been presented. With the injection of funds, the Fitic institution hopes to benefit 100 startups through the program.

Bogota is not only planning to become a smart city but to become a “smarter city”. This was conveyed by the Mayor of Bogota, Claudia Lopez. In addition, there are similar programs for other industries.

The Colombian capital aims to create companies in the city that are able to offer products and services by adopting new technologies. They also present another program called Innovative Green Businesses.

Through the program, the city of Bogota will fund a select number of companies that have initiatives to make an environmental impact in a positive way.

In addition, Bogota also presents the Environment 2021 program to encourage current companies to develop new technology-based products and services.

“With these four FITIC programs we will help companies and entrepreneurs find new solutions to address current and future challenges, as well as those generated by the fourth industrial revolution,” said Bogota Mayor Claudia Lopez.

With this program, Bogota has contributed to the adoption of blockchain technology. This is part of Bogota's plan to massively accept cryptocurrencies and blockchain technology for future life.