‘How Australian government is empowering Crypto startups’ – Australia is taking a bold step in empowering Crypto startups with cash money in an effort to deepen crypto adoption in the Oceanian country as Minister for Industry, Science and Technology announced 5.6 million Australian dollars ($4.2 million) in grants to two blockchain-focused companies, including traceability firm Everledger and technology consulting startup Convergence.tech.
Financial Watch gathered Everledger, a company focused on building a global registry for diamonds, has received 3 million AUD ($2.2 million) to investigate blockchain technology’s use cases for creating digital certifications for critical minerals through the extraction and movement phases. As previously reported, the firm was deploying blockchain technology by software giant IBM for a transparency platform for the diamond industry.
Covergence.tech received $2.6 million AUD ($2 million) to apply blockchain technology for automatic reporting processes under a system for commodity-based tax on goods such as beer and spirits. “This will help companies in the sector to reduce compliance costs associated with the creation, storage and transportation of their products,” the announcement reads.
Provided as part of Australia’s “Blockchain Pilot Grants” program funded by the Morrison Government, the new investment aims to explore blockchain’s capability to expand the competitiveness of Australia’s critical minerals and food and beverage industries. Minister Christian Porter said that the projects will accelerate the pace of blockchain adoption in Australia as well as assist businesses in solving real-world challenges.
“The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information,” Porter noted. The new grants build on Australia’s national blockchain roadmap announced in 2019.
