Ohio funds will invest at least $300 million into startups in the blockchain industry until 2021. The credible North Eastern Ohio news source, Cleveland reported while making reference to executives. Nonprofit JumpStart CEO, Ray Leach made an announcement stating that seven funds were seeking to finance startups based on the blockchain targeting either business or government. The announcement was made at the ongoing Blockland Solutions conference, and Ray added that the seven funds were aiming to invest about $100 million at first in the startups.
Ohio’s Acceptance of Bitcoin and Subsequent Blockchain Opportunities
It was also said that other investors were looking to fund blockchain technology-based projects on Ohio’s social welfare with an additional $200 million. The fund projections have come at a time when the state of Ohio announced it was accepting bitcoin as a form of payment for certain types of taxes.
The announcement, which materialized on the 26th of November, heralded a new era in Bitcoin’s commercial adoption as Ohio became the premier state in the U.S. to formally accept Bitcoin as a form of payment. The news did not, however, come without questions. The arguments about Bitcoin not being a tangible payment method due to its low rate of processing transactions every second and its murky future over being used in the future as payment as a result of its scalability came to light.
A venture fund local to the state of Ohio, FlashStarts has also announced its intention to contribute $6 million in pre-seed funding concerning blockchain startups. The local Ohio news website, Cleveland, however, stated that the plans for the funding had not been made formal, although Blockland’s local politicians are excited at the potential of Ohio becoming an environment pioneering and supporting technology. Lt. Governor-elect Jon Husted said that;
“It will be disruptive in a way, in a constructive way that will help create efficiencies, save money. We want to be the state in the Midwest that everybody turns to.”
The Role of Cryptocurrency in the Job Sector
Data has been released that hints at the blockchain and bitcoin creating more job opportunities for the population, even in spite of the recent market fall. Earlier this year, Forbes made a list of the best jobs and careers available in the crypto space. It was said that Blockchain expertise made for the best job on freelancing website, Upwork, and stated that the blockchain skill was the fastest growing on the website with the demand for jobs beating the supply of freelancers with the necessary skills.
It would be worthy to note that last year, crypto exchange giants, Binance and Bittrex both closed up registrations to train new personnel to keep up with the increased number of account openings on their platforms.