The Buckeye State is working to become the Blockchain State.
According to a report on Cleveland.com, JumpStart and six other Ohio-based investment organizations will sink $100 million into blockchain startups. The Sunday announcement kicked off Ohio’s Blockchain Solutions conference, a four-day event organizers hope will bolster the state’s credentials as a blockchain hub.
An eighth investment group said it would create a $6 million pre-seed fund for blockchain startups, according to Cleveland.com. JumpStart CEO Ray Leach said investment groups would be making an additional $200 million available to blockchain companies setting up a presence in Ohio’s Opportunity Zones.
Ohio is showing it is serious when it comes to promoting both blockchain and cryptocurrency. This investment news comes a week after the state said it would accept tax payments in bitcoin (BTC). The state has already set up a website to accept digital currency payment of 23 different taxes.
In August, Ohio Governor John Kasich signed a bill to allow a range of industries to use blockchain technology to save and secure electronic records, and several cities in the state have created blockchain-friendly initiatives. Meltem Demirors, Coinshares’ chief strategy officer and a prominent blockchain proponent, quipped in a tweet last week: “that’s it. moving to Ohio. who’s with me?”
Jumpstart is a 15-year-old economic development organization focused on Northeastern Ohio region, which has struggled to keep pace with the economic growth of other parts of the U.S. A 2017 Business Insider survey ranked Cleveland last in overall economic health among the country’s 40 largest cities.