Australia to Open First Domestic Blockchain Incubator Lab by September 2019

Australia to Open First Domestic Blockchain Incubator Lab by September 2019

Even if there are many different organizations and corporations that are interested in developing blockchain solutions to specific problems, or their own cryptocurrencies, the truth is that the interest in the sector often depends on policy and regulation within a specific country. Seemingly, it appears as though Australia is more open to blockchain than ever, evidenced by the fact that a blockchain advisory firm was just awarded $170,000 by the Australian government, on Monday, April 15, 2019.

First Of Its Kind

The blockchain advisory firm is named Crypto SA, and the money will be used specifically to open a blockchain incubator over the next several months. The hope is that the lab will be open by September 2019. The firm was created to help various businesses understand legal and financial compliance issues around blockchain, as well as offer additional services such as smart contract support, and exchange listing.

The co-founder of Crypto SA, Yawn Rong, is focused on developing the blockchain startup ecosystem in South Australia, and specifically within Adelaide. He points out that some of the more well-known cities in Australia might feature blockchain startups, but that this lab will be the continent’s first of its kind. He states:

“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there.”

Adelaide Interest Growing

There has been more interest in blockchain than ever in Adelaide, Australia, the capital city of South Australia and the fifth-most populous city in the entire continent. The reason is none other than the ADC Global Blockchain Summit, which was the first international blockchain technology summit ever hosted in the country.

Rong points to the conference as a major catalyst for the changing attitude, stating that interest has “exploded” since the conference. He acknowledges that South Australia might “never be an industry leader”, but that doesn’t mean that there can’t be some level of success in the space.

The Crypto SA Lab will also allow startups to have access to mentors in the blockchain sector for several hours a week, along with providing technical and fundamental advice about how to run and manage startups. The work will be presented at a showcase in the style of Shark Tank, the hit reality TV show where investors pitch various successful “sharks”, who have all been successful in their own respective industries.

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