Three companies - Acronis, Runa Capital and Parallels joined forces and announced a €10 million investment project (to be invested over a three-year period) in a first Blockchain Hub in Malta. The aim of this project is to aid Malta in establishing itself as a hub of technological innovation by participating in national Blockchain initiatives. The project will also be supporting Malta’s drive to become a hub for Blockchain applications.
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 the NetRefer software company, 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 the benefits from this new technology. 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 certificates to students.
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Our Fintech Practice
Our lawyers and financial services specialists at Chetcuti Cauchi Advocates welcome the innovations which the financial services sector is currently experiencing and seek to provide bespoke solutions to our clients by fusing together traditional legal notions with new technologies. Led by Senior and co-founding Partner Dr Maria Chetcuti Cauchi, our Fintech practice strives to assist clients in this burgeoning and evolving sector of law which shall reshape the financial services sector as we know it.
