New Zealand Government’s $315,000 Grant to Bitcoin Startup Gets Criticized

Bitcoin Startup

New Zealand Government’s $315,000 Grant to Bitcoin Startup Gets Criticized

Bitcoin Startup

A decision taken by a New Zealand government agency to award a grant to a bitcoin startup just met some criticism.

The criticism over the decision by Callaghan Innovation to award Vimba a NZ$315,000 grant is coming from tech executives. Some have questioned the priorities of the innovation agency saying that there were more deserving startups.

The chief digital officer of cybersecurity firm Kordia, Aaron Olphert, while speaking to the New Zealand Herald alleged that the grant would not have a significant impact on the domestic economy as the startup only has a minimal presence. He also said that the startup, Vimba,  was looking to expand abroad meaning it would be contributing taxes and jobs to other countries.

There also exists New Zealand tech community who felt there were more pressing technological challenges.

The business development manager of McKay Boats, John Gell said: “We have real and hard data which shows the direct and tangible benefit that is achieved through communications enhancement, closing the digital divide which is so prevalent and yet they throw cash at these sorts of things like it’s Monopoly money!”

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