Swiss government rejects $ 103 million fund for blockchain company

Rescue plan has been designed

In the still young Tages-Anzeiger and the news platform based in the canton of Zug, a rescue plan designed by Heinz Tännler to support blockchain startups has been unsuccessful. Tännler is the finance director of the Swiss canton of Zug.According to the latest report, it was a call to the government to help crypto startups in the region obtain funds to mitigate the effects of the COVID-19 pandemic. The proposal targeted a package to a sovereign wealth fund that would distribute up to CHF 10 million in loans to blockchain startups.The approach, accessible to crypto companies through a wealth fund, would have provided loans that would convert to stocks, as the Tages-Anzeiger said.

 

Zug’s chief financial officer had been looking for fresh funds

Tännler had initiated a request to expand the April stimulus package with a volume of CHF 154 million.Although the government package should also help fintech companies, Tännler said that the previous capital injection of the equivalent of $ 158.5 million was not sufficient to help crypto startups. According to him, these, too, are suffering from the economic turbulence caused by the money crisis.The local media report says the wealth fund should have benefited from various funds and local contributors. The donors included local government, private investments and government guarantees.