Colombia’s Capital Unveils $750K Blockchain Investment Plan

Colombia’s capital city, Bogota, has unveiled a 2.8 billion Colombian peso ($750,000) investment program to finance blockchain companies.

  • Investments of between roughly $2,600 and $13,300 will be made in 100 companies, which will receive advice on implementing blockchain technology into their business models, Colombian publication Semana reported June 22.
  • Companies can apply to the Bogota Innovation, Technology and Creative Industries Fund for investment through the program starting today.
  • The program is part of a wider 8 billion Colombian peso ($2.8 million) investment into innovative industries aimed at advancing Bogota as a “smart city.”
  • Colombia’s financial regulator launched a cryptocurrency sandbox earlier this year allowing banks to explore business models associated with handling crypto assets.
  • The country saw major growth in crypto use in 2020, with peer-to-peer marketplace LocalBitcoins reporting Colombia accounted for 11.3% of its global trading volume throughout the year.
Read more: Colombia’s Crypto Use Soars, and Local Regulators Step In

CORRECTION (June 25, 17:30 UTC): An earlier version of this story failed to convert from Colombian pesos to U.S. dollars. The funding committed to Bogota‘s blockchain investment program totals $750,000, not $2.8 billion, as was previously reported.