Bogota Reveals $2.3 Million Program to Finance Blockchain Companies

The city of Bogota in Colombia just announced it will finance blockchain companies through a blockchain investment program. The program, called “Hub Blockchain Bogota,” will deliver financing to 100 companies developing blockchain-based solutions. This is part of a series of initiatives destined to modernize Bogota and turn the region into a smart city.

**Editors update: This article was updated to reflect the Bogata fund’s total from Colombian pesos to U.S. dollars.

Bogota Programs Will Finance Blockchain Startups

The city of Bogota will support blockchain companies with direct financing through a series of funding programs. The program, called Hub Blockchain Bogota will deliver 2.8 billion pesos ($740K) to blockchain-based companies with useful initiatives. The Jorge Tadeo Lozano University, Innpulsa, and Biointropic y Tribe Accelerator Singapur are also supporting this initiative.

The companies interested will have to present their proposals to Fitic, the Bogotá Innovation, Technology, and Creative Industries Fund (FITIC). This institution will decide what ideas will be eligible for getting financed. The projects will the most innovative ideas directed to solve problems in the city will have the advantage.

Each startup will receive from 10 million up to 50 million pesos to develop its proposals. The startups selected will also get technical advice from FITIC to implement their ideas. The institution expects to benefit 100 startups with this program.

Making a Smarter City

The Hub Blockchain Bogota program is part of a bigger initiative to make Bogota a smarter city, according to its mayor, Claudia Lopez. There are other programs following this direction for other industries too. Design Bogota seeks to reinvent the companies in the city offering products and services through the adoption of new technologies. Another program called Innovative Green Businesses will fund companies developing initiatives to impact the environment in a positive fashion.

Lastly, Environment 2021 will power current companies to develop new tech-based products and services. Mayor Claudia Lopez stated:

With these four FITIC programs we will help those companies and entrepreneurs who are looking for new solutions to respond to current and future challenges, as well as those generated by the fourth industrial revolution.

This movement is proof of the importance that cities are giving to new technologies like blockchain. Colombia launched a Bitcoin sandbox last month partnering cryptocurrency exchanges with banking operators. This can lead to the refinement of its regulatory framework to receive more cryptocurrency and blockchain-based companies in the future.

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