The government of the country approved requests for financial support for companies from all sectors, except for blockchain startups

The Swiss government has rejected a request to provide financial support of $103 million to FINTECH startups from the "Cryptovalley". This is a center for innovative developments in the field of blockchain, located in the city of Zug, Cryptopotato reports, citing local sources.

In April, the government promised to provide about $ 160 million in support to FINTECH companies to help them survive the coronavirus pandemic and the resulting crisis. In addition to the amount of financial Director of "Cryptovalley" Heinz Tannler has requested an additional $103 million He offered to convert these funds into shares in order to save the blockchain industry from ruin.

However, at the last meeting, the government refused this request. In total, it reviewed more than two dozen applications from companies from different sectors of the economy. All firms received approval, with the exception of blockchain startups. Their situation is aggravated by the fact that many investors withdrew their investments due to the coronavirus crisis, the publication said.

In mid-may, Fortune Business Insights stated that the current crisis, expressed by unemployment and economic instability, provides an opportunity for the development of the blockchain industry. Thanks to this, the market for decentralized technologies can reach $21 billion by 2025, analysts predicted.