Ohio Venture Funds To Allocate $100 Million For Blockchain Startups
Ray Leach, the president of the venture business development company JumpStart, announced that his organization, jointly with six other funds in Ohio, intends to allocate more than $100 million to support blockchain startups, Cleveland.com reports.
Leach added that all funds are interested in investing in projects based on distributed ledger, especially if they are applicable in the field of public administration or business development. For example, it could be a blockchain startup for storing government documents, Leach said. Moreover, another local venture fund and accelerator for business, FlashStarts, announced the pre-seed funding in the amount of $6 million for blockchain projects.
The head of JumpStart made an unofficial statement that the funds intend to allocate $200 million over the next three years for the developers of blockchain solutions that operate in the “Opportunity Zones” of Ohio. Within these zones, there are special tax provisions that encourage investors to support the infrastructure development of the city suburbs.
At the same time, Jon Husted, the Lt. Governor-elect of Ohio, declared about the InnovateOhio project, under which the local authorities intend to meet innovative solutions. He noted that the use of blockchain will help make the information exchange and online identification in government institutions more efficient.
As previously reported, the government of Ohio was the first in the United States to allow companies to pay taxes with cryptocurrencies. The authorities said that in the future, this opportunity will be available to ordinary taxpayers as well.