With an ambition to be recognized as the flag bearers of blockchain revolutionary state in the midwest United States, tech funds JumpStart & FlashStarts aim to invest over $300 Million in blockchain oriented early-stage startup staggered over the next 3 years until 2021. The plans were unveiled in the Blockland Solutions conference earlier this week. The midwest US state of Ohio prides itself in recently becoming the first state in US to allow businesses (not yet individuals) to pay tax liabilities in Bitcoin. Ohio’s special “Opportunity Zones” is the targeted site to take advantage of tax incentives for investors. These special tax incentives are implemented by the state government to spur economic development in poor neighborhoods. Blockchain technology is seen as a necessity to optimize development by removing various multitudes.
JumpStart fund has committed to invest $100 million in early-stage blockchain startups. These startups aim to develop technology for business & government, for example using the online ledger system to store government documents, etc. An additional $200 million funding over the next 3 years is also under consideration. FlashStarts venture fund and business accelerator has pledged $6 million pre-seed fund for blockchain startups; bringing the net estimates to over $300 million tentatively over the next 3 years.
Lt. Governor-elect Jon Husted at the Ohio event:
“If you would like government to be more involved in our lives, it’s a good thing for you because if government works better they have more confidence in it. If you’re one of those people that thinks you want government less in your life, that’s good too. It will be disruptive in a way, in a constructive way, that will help create efficiencies, save money, We want to be the state in the Midwest that everybody turns to.”
With current blockchain related jobs in high demand and present state backing by Ohio, the state is leading the race to revolutionize digital future. Stay tuned and don’t miss the future. The Future is Now!
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