First Blockchain hub in Malta - a €10 million investment project
In a speech given during a visit by the Prime Minister Joseph Muscat, the directors of the companies announced that Runa Capital will be the first venture capital firm in Malta to provide funding to local start-ups, whereas Acronis and Parallels will take part in joint research projects with local businesses and institutions. Thus, the primary objective of setting up this first Blockchain Hub in Malta is to work closely with new businesses that will have the opportunity to invest and benefit from innovative technology such as Blockchain.
This initiative of developing the first Blockchain Hub in Malta also includes the proposal of setting up a Blockchain Lab which will include a research and development centre concentrating on innovative technologies in specialised areas namely: fintech, blockchain, data protection and artificial intelligence.
Innovation through Blockchain - Malta set to become a hub for Blockchain applications
In a recent summit organised by software company NetRefer, Parliamentary Secretary Silvio Schembri stated that the Government believes that innovation is the key to the further growth of the economy. In this regard, the first Blockchain hub in Malta will work closely with businesses to assist start-ups who are new in investing in this technology and to support them reap its benefits. Mr. Schembri added that Blockchain technology increases efficiency and transparency, and is safe as the information received remains confidential. Earlier this year, the government also approved the first draft of a national strategy to promote Blockchain technology, supporting local firms in applying the technology in a variety of industry sectors. Furthermore, Malta is the first country in the world which started using the Blockchain technology by issuing digital certification to students.
Author: Dr Priscilla Mifsud Parker is a private client lawyer heading our Corporate, Trusts & Fintech areas of the firm. Having participated in Malta’s Fintech Legislative Framework she is able to provide guidance to clients seeking to venture into the Fintech Industry. Moreover, she also provides assistance to individuals with regards to corporate and trusts matters.
Dr Priscilla Mifsud Parker can be contacted at [email protected] and on +356 2205 6603.