U.K Government Is Ready To Sponsor Blockchain startups
August 24, 2018 11:55 am
According to the reports, the U.K. government has announced that it is looking forward to increasing the number of blockchain-based projects in the country. The government also shows interest in sponsoring blockchain projects.
The Department for International Trade announced that Entrepreneur First (EF), an investment company is funding the blockchain startups. EF is a government-recognized company that can endorse entrepreneur visas for startups.
The announcement further detailed that startups with “high growth potential” can apply for an entrepreneur visa for launching their business in the U.K. In order to be qualified for the visa, the entrepreneur must receive funding of at least £50,000 (approximately $64,000) from a U.K approved organization.
The announcement included that EF is looking for specific founders who would be interested in solving technical problems. Their alumni is impactful in the field such as artificial intelligence, drones, security, virtual reality and the blockchain. This would help them raise funds from the world’s top venture investors.
The approved startup will be participating in a six-month program that would provide support to build a team. This will also include developing a product and receiving further investment.
This is a great initiative taken by the U.K. government to increase the use of blockchain technology in the country. It could be possible to see other governments sponsoring for blockchain related projects around the world in upcoming days.