Blockchain technology has been accelerating its pace since start-ups came into formation. There are various mechanisms, such as decentralized platforms that are attracting several investors from every corner. They are incorporating the technology into their business models trying to invest the capital.
Similarly, the Blockchain startup has set their move to explore and grow by creating the platform in the United Kingdom.
The recent update is for the entrepreneurs willing to set up businesses in the U.K. The Department for International Trade made an announcement that Entrepreneur First (EF) will now fund the blockchain startups. Entrepreneur First is a pre-seed investment company, one amongst the government known organizations that endorse firms regarding entrepreneur visas.
According to the reports, startups holding high growth potential are welcome to apply for an entrepreneur visa. This visa is needed to launch their business in the U.K. The qualification criterion for the visa says entrepreneur should receive funding minimum of £50,000 (approx. $64,000) from a firm owning the U.K. government approval.
The report adds:
Entrepreneur First is particularly interested in founders who want to solve hard technical problems. Their alumni are having an impact in fields such as artificial intelligence, drones, security, virtual reality and the blockchain and have raised funding from the world’s leading venture investors.
The startups holding approval can apply for a six-month program. This program will offer support for it to build its product, team, and likely receive further investment.
Entrepreneur first came into existence in 2011, which is a backed firm by the majority of investors. Some well-known investors include Greylock Partners, Reid Hoffman, Peter Thiel’s Founders Fund and Mosaic Ventures. The official website says it has built over 80 companies to date by rising across $100 million in venture investment.