Canada Council Raises $50 Million For Blockchain Development

Announcements, Blockchain, FinTech, Innovation, Investing, News | October 23, 2017 By:

The Information and Communications Technology Council (ICTC) is launching a new initiative to further develop Canada’s blockchain ecosystem. ICTC raised over $50 million in a few short weeks to fund the initiative.

ICTC is a not-for-profit organization that conducts research, and develops and implements solutions to help Canadians take advantage of the digital economy.

ICTC is collaborating with ColliderX, the Blockchain Association of Canada, the Blockchain Research Institute, and Blockchain Canada on the new blockchain initiative. The project is expected to boost Canada’s blockchain market to $2.5B (CAD) and create approximately 107,700 jobs, according to ICTC.

The council will be working with the blockchain community over the coming months to develop the framework to fuel further blockchain innovation and competitiveness in Canada. The new blockchain ecosystem will commence activities next year to facilitate collaboration on intellectual property, investment, knowledge-sharing, education, trade and to support appropriate regulatory activities.

ICTC president and CEO Namir Anani said the initiative is a pivotal and transformative agenda for Canada that rallied so far considerable and tangible support.

“We are delighted to advance this initiative forward with key leaders and innovators in this space,” said Anani.

Blockchain Research Institute co-founder and executive chairman Don Tapscott stated that Canada is a leader in blockchain technology, but its critical that they take action to maintain their digital advantage for years to come. He said the initiative is one of the critical ways they can assure Canada leads the second era of the digital revolution.

Blockchain Canada and Blockchain Association of Canada said that they view blockchain as a transformative and foundational technology that has applications for all industries and regions in Canada.

“Through a multi-stakeholder strategic approach, we can advance education, awareness, skills development, research, adoption, and standards initiatives both nationally and internationally,” Alan Wunsche, co-founder of Blockchain Canada and Kyle Kemper, executive director of the Blockchain Association of Canada said in a joint statement.