IBM-backed Czech blockchain alliance announced

September 13, 2018
Chris Wheal

A new Czech blockchain alliance hopes to radically re-shape much of the Czech economy in the next three to five years. The Czech Blockchain Association has got the support of PwC, tech incubator Adel and IBM. It wants to support the acceleration of cryptocurrency solutions across Czech society as well as supporting legislation.

Prague could see a significant blockchain-trade boost if enough energy is garnered from the new alliance

Private and public sector push

“First and foremost, our goal is to educate the public and private sectors on blockchain and crypto solutions. We want to take part in the digitization of the entire Czech society and show the practical use cases”, said Jan Lamser of Adel.

Jiří Batěk, director of IBM’s Infrastructure Division, said their ambition was “not only to localize our global solutions in the Czech environment but also to find and support innovative local partners and enable their access to international markets”.

Funding rising

Separately, Czech-based investment banking firm Benson Oak announced earlier in the year it had secured $25m and was seeking another $75m to support blockchain start-ups. It has raised over $5bn since 2003, with its first fund including support for internet security company AVG.

The Czech Republic introduced legislation restricting bitcoin trading at the start of 2017 though the law only applied to financial providers. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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