Key Takeaway
- Australian government invests in blockchain companies
- Investment part of national grant for tech companies
- Other countries beginning to support blockchain companies
The total investment totaled $4 million. Evergence and Convergence.tech received ($2.2 million) and $2 million respectively. Evrerledger is a blockchain company that focuses on building blockchain-based certification for mining companies.
It also intends to expand its operation to the entire mining process from extraction of materials to delivery to the end business.. Convergence.Tech meanwhile focuses on providing blockchain-based automated tax processing that would improve the existing Australian tax system.
Speaking on the Australian science minister, Christian Porter stated that he believes that the grant would facilitate effective partnerships between the government and the private sector.
These grants are awarded as part of a country's national program for the development of blockchain-related businesses. This program focuses on introducing specific regulations and standards, but above all, it aims to help blockchain players strengthen their skills and capacity for innovation.
Such an initiative is not trivial and proves that Australia really wants to participate in developing this new industry and play a significant role in it. This shows that the government wants the growing blockchain industry to thrive.
Australia is one of the few countries in the world that has a comprehensive framework on cryptocurrencies. As a result, several companies have looked to leverage this by establishing their headquarters in the Pacific.
Other nations like the United States, UK, and China are examples of countries that have also supported different aspects of blockchain technology in recent times. A state in America recently abolished state tax for mining companies to boost its mining industry.
What do you think about governments investing in crypto companies?
