Australian government Granted $4M Fund For Two Blockchain Startups

On Jul 13, 2021

Australian Minister of Industry, Science and Technology announced that they granted 5.6 million Australian dollars to two blockchain based startup companies. The main goal of these Blockchain companies is solving real-world challenges in financial infrastructure.

Australia is a hub of cryptocurrency users and also government of Australia supports their citizens to adopt cryptocurrency through a legal rule and also government of Australia is supportive to the blockchain based Startup project, so that financial infrastructure or Australia can attain better potential to solve the real life problems and challenges which are associated with present financial ecosystem.

A minister of Australia announced, they are awarding a total $4.1 million dollars to the two blockchain startup companies including Everledger and Convergence.tech.

Everledger received around $2.1 million and this company is working on the study of blockchain and adoption. They are studying Blockchain technology throughout, so that they can be sure that they can use blockchain technology for better in future use cases.

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Covergence.tech received around $2 Million from the government and this is working on the blockchain technology which is related to the “automatic reporting processes”. The main goal of this company is to develop a system which can calculate tax records & other things related with all types of blockchain based transactions automatically, so that they can reduce the cost of manual work on blockchain technology.

Christian Porter, minister of Australia, said that their main intention to support these Blockchain companies is only to bring the pace in blockchain adoption, so that they can compete with the existing competition in the world.

This is a clear indication that, government of Australia is looking to launch CBDC with very high potential so that they can have a better financial ecosystem.