There are two startups accelerators in the U.S. state of Ohio which are going to invest more than $100 million into blockchain firms.
Ohio prepared to make another play in blockchain and crypto game
According to one report from Monday, the state of Ohio is prepared to make another play in the blockchain, as well as crypto game as tech accelerator funds, look to pump millions of dollars into the blockchain startups and firms in the state.
As it was also mentioned, one such fund, the JumpStart, which is an Ohio-based nonprofit which supports, as well as funds startups, is looking forward to invest about $100 million into early-stage blockchain firms and startups which are focused on business or government use cases alongside six other funds in the state, as well as on developing blockchain-based technologies.
Another business accelerator, known as FlashStarts, which comes from the Cleveland city of Ohio, was also set up to provide seed funding to blockchain startups, making $6 million available, to enable startups to raise those seed funding rounds.
The plans of the funding have been announced at the Blockland Solutions Conference in the city of Cleveland, by the CEO of JumpStart, named Ray Leach, according to some sources.
The funds will not be available for all startups
While nothing was still officially confirmed, Leach has suggested that some other investment funds in the state have some plans to provide $200 million more into blockchain companies, available for them in the following several years.
Saying this, the funds are going to be available if the company takes advantage of one of the ‘Opportunity Zones’ of Ohio. Such zones will provide tax breaks for investors in order to help encourage and motivate development in poorer neighborhoods.
The funds are specifically going to be focused on supporting startups which are developing blockchain-based systems for the business and the governments, so it seems like the funds are not going to be available for all the startups.
Ohio becomes the most pro-blockchain state in the U.S.
Ohio is also getting keen on cryptocurrency, as well as decentralized technology, so it increasingly becomes one of the most pro-blockchain states in the United States.
During the last week, it actually became the first state to allow taxes to be paid in Bitcoin. With this move, some local businesses are now going to have the ability to pay different taxes, from tobacco sales tax to public utility tax, with this cryptocurrency.
In August of this year, the state legally recognized data which was stored, as well as transacted on a blockchain. During that same time, the lawmakers also pitched the state as a future hub for the blockchain technology.