Blockchain startups get much needed boost as Ohio Accelerators releases $100M for development

Two startup accelerators in Ohio, will invest more than $100 million into blockchain firms.

This was made known on Monday by Cleveland.com. According to the report, JumpStart, an Ohio-based nonprofit organisation that supports and funds startups, is set to invest $100 million in firms still in their early stage of blockchain development and focused on business or government use cases alongside six other funds in the state.

Another business accelerator FlashStarts, from Ohio’s Cleveland city, is reportedly also making $6 million available to enable startups to raise pre-seed funding rounds.

The funding plans were revealed at the Blockland Solutions Conference in Cleveland, Ohio, by JumpStart CEO Ray Leach, the source said.

Leach tipped that more investment funds in Ohio are planning to pump as much as $200 million into blockchain companies in coming years.

Ohio is fast becoming one of the of the few states in America that has come to embrace blockchain.

Last week, authorities announced it is allowing taxes to be paid in bitcoin, giving, local businesses the much needed options for paying taxes ranging, from tobacco sales tax to public utilities tax, using cryptocurrencies.

It would also be recalled that in August, Ohio legally recognized data stored and transacted on a blockchain. At the same time, the lawmakers also pitched their state as a future hub for blockchain.

Comments (No)

Leave a Reply

Home | About us | Privacy Policy | Terms and Conditions | Advertise | Submit Post