The first crypto lab in South Australia to receive government funding is hoped to boost the industry and catch up with other states such as New South Wales and Victoria.

The new lab due to open in September has been awarded Federal Government funding to the tune of AUD 170,00 offering 10 blockchain startups both workspace and mentoring services.

Although Australia has a forward-thinking approach to cryptocurrency in general, the government is still slow coming forward to promote the industry. Currently, under a Liberal Government the Digital Transformation Agency (DTA) whose aim is to deliver world-leading digital services for the benefit of all Australians, feels that the technology needs more research before it can be described as the real deal.

South Australia is playing catch up with its state neighbors, but it is moving forward after holding the ADC Global Blockchain Summit in Adelaide last month, giving it the added credibility of holding Australia’s first international blockchain technology summit.

Adelaide crypto lab’s co-founder Yawn Rong claims that since the summit blockchain interest has “exploded”. He said that “South Australia may never be an industry leader, but that doesn’t mean it can’t be successful”. Rong was clearly happy to get one over on Sydney and Melbourne arguing:

“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there… There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.”

Crypto SA’s federal government funding formed part of the Incubator Support program, which provides new and existing business incubators with grants of up to USD 500,000 to assist Australian startups to compete in international markets.

The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data 61 is continuing to examine blockchains capability within government and private use, claiming that Australia has the potential to lead the world in further developing the technology.

Australia’s major banks maintain cautious policies when it comes to cryptocurrencies, despite wide public interest, but many banks now permit the purchasing of cryptocurrency using credit cards.

 

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