Ohio Loves Bitcoin And Blockchain – Startup invests millions into blockchain

Bob Coiney

December 3, 2018

Ohio certainly seems to be more pro-blockchain than ever, as various startup accelerators in Ohio will be investing millions into blockchain firms. The announcement was made by Jumpstart CEO Ray Leach, at the Blockland Solutions Conference in Cleveland. Jumpstart is an Ohio-based nonprofit that describes itself as a “business development service” for entrepreneurs.

Ray Leach, CEO of Jumpstart

Millions More To Be Possibly Invested Long-Term

Specifically, Jumpstart will be investing $100 million into various startups that are seeking to use blockchain to increase productivity in relation to both business and government. An additional business accelerator by the name of Flashstarts, based in Cleveland City, will be investing $6 million, as well. Although unconfirmed, Leach stated that other investment funds will be seeking to invest as much as $200 million into blockchain-related startups over the next few years, as well.

Ohio Allows Bitcoin Tax Payments

The announcement comes shortly after it was announced that Ohio will be the first state in the U.S. to allow companies to pay its taxes in Bitcoin. Businesses can pay various taxes on the cryptocurrency tax portal OhioCrypto.com. The state is not allowing businesses to pay all taxes in Bitcoin, but can pay a wide variety of taxes using the digital currency, such as sales taxes, severance taxes, withholding taxes, municipal net profits, cigarette taxes, and more.

Ohio House Speaker Ryan Smith

The advancements are not completely by surprise, as various persons in Ohio have suggested that the state could become a hub for blockchain technology. One particular vocal blockchain proponent has been Ohio House of Representatives Speaker Ryan Smith, who specifically convened a group in August of lawmakers, business owners, and others, to discuss how the state could attract blockchain-related companies.

There is a caveat, however: the company must be located within one of Ohio’s “opportunity zones” to take advantage of the funds. These zones were created specifically to encourage economic development in poorer Ohio neighborhoods.

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