Ohio funds will pour over $300 million into blockchain startups through 2021, Northeast Ohio daily news outlet Cleveland.com reported Dec. 3, quoting executives.
Speaking at the ongoing Blockland Solutions conference, nonprofit JumpStart CEO Ray Leach announced that a total of seven funds were primed to invest $100 million in “early-stage startups that focus on using blockchain technology for business or government.”
Another $200 million was being considered by “additional investment teams” for blockchain outfits working within Ohio’s social welfare projects, dubbed “Opportunity Zones.”
The moves come as the U.S.’s Buckeye State launches a pioneering scheme to allow businesses, and eventually individuals, to pay for taxes using Bitcoin (BTC).
Separately, local venture fund FlashStarts wants to contribute $6 million in the form of a pre-seed fund also geared toward blockchain startups.
The plans have not yet become official, Cleveland.com noted, with politicians at Blockland nonetheless buoyant at the prospect of enhancing Ohio’s appeal as an innovative tech environment.
“It will be disruptive in a way, in a constructive way, that will help create efficiencies, save money,” Lt. Governor-elect Jon Husted said during his own speech Sunday, adding:
“We want to be the state in the Midwest that everybody turns to.”
Data released in October revealed the number of job opportunities in both blockchain and Bitcoin increased to an 10-month high in August this year, despite markets falling.