Ohio-Based Accelerators to Invest Over $100M into Blockchain Startups

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Two Ohio startup accelerators are set to purportedly pour over $100 million in investment into Blockchain companies.

In a December 3 report by Cleveland.com, Ohio-domiciled nonprofit company JumpStart, which helps and finances startups, is ready to invest $100 million in early-stage Blockchain companies that are focused on business or government use cases together with six other funds in the state.

FlashStarts is the other business accelerator based in Cleveland, Ohio. FlashStarts is also reportedly providing an additional $6 million to allow startups to raise pre-seed funding rounds.

According to the news outlet, JumpStart CEO Ray Leach announced the funding plans during the Blockland Solutions Conference held in Cleveland, Ohio.

Leach indicates that other investment funds based in the state of Ohio also have plans on pouring as much as $200 million in additional funds for Blockchain firms in the coming years. However, this news has not been officially confirmed as of late.

Ohio is turning out to be one of the most Blockchain-friendly states in the U.S. Last week, it allowed taxes to be paid in Bitcoin, becoming the first state to do so. This would allow local business establishments to pay a range of taxes, including tobacco sales tax and public utilities, with Bitcoin.

Ohio also legally acknowledged in August data recorded and transacted on a Blockchain. Moreover, state lawmakers also promoted Ohio as a “future hub” for Blockchain technology.