Tokyo Announces Blockchain Startup Accelerator

Tokyo Announces Blockchain Startup Accelerator

Tech City Tokyo made an official announcement of setting up a blockchain startup accelerator. It is slated to begin in the dawn of the new year 2018.

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Tech City Tokyo made an official announcement of setting up a blockchain startup accelerator. The groundwork is slated to begin in the dawn of the new year 2018.

Esteemed consultancy major Nomura Research Institute has joined hands with the local government in this endeavor. The Tokyo Metropolitan Government is working in close cooperation to successfully organize the Blockchain Business Camp. The current development is third in line of recent programs constituted to focus on accelerators.

The Blockchain Startup Accelerator program has invited interested offshore companies that deal with rising technologies. Businesses that delve into IoT, logistics network and stock market building are given preference. The deadline for entering the bid is fixed to 24th November.

At present, five corporations have considered joining the groundbreaking activity. Prior to its launch in January, the IT firm will apprise the chosen companies in December. The blockchain enterprise is scheduled to take place until March, next year.

Concerned authorities implied that the selected companies would be provided with financial aid and infrastructure. The participating start-ups are believed to benefit in the long term. A provision for endorsing their commodities is also being made in places with high footfalls. Digital hoardings and billboards will be out up to promote the advanced services offered by the start-ups.

The huge scale advertising is set to come up in and around Tokyo. Prime locations in Shinjuku have been identified. In addition to intellectual support, the government will provide assistance for the international companies to set up base in the country.

Through this public-private partnership, Japan cemented its forward-looking thinking. Earlier this year, legislators declared bitcoin and other digital currencies a legally accepted method of payment in Japan.

The latest development paved the path for businesses to introduce cryptocurrency on a trial basis. In September, finance regulators were lawfully given licenses to carry out such exchanges.