Colombia’s capital city, Bogota, has unveiled a $2.8 billion investment program to finance blockchain companies.

Investments of between $10 million and $50 million will be made into 100 companies, who will receive advice on implementing blockchain technology into their business models, Colombian publication Semana reported June 22.

Companies can apply to the Bogota Innovation, Technology and Creative Industries Fund for investment through the program starting today.

The program is part of a wider $8 billion investment into innovative industries aimed at advancing Bogota as a “smart city.”

Colombia’s financial regulator launched a cryptocurrency sandbox earlier this year allowing banks to explore business models associated with handling crypto assets.

The country saw major growth in crypto use in 2020, with peer-to-peer marketplace LocalBitcoins reporting that Colombia accounted for 11.3% of its global trading volume throughout the year.

Source: CoinDesk