Quincy startup incubator gets $2 million to foster local blockchain, tech companies

QUINCY – A Quincy-primarily based startup incubator has been decided on as the to start with grant recipient below the state’s Technology & Innovation Ecosystem Awards software and will get virtually $2 million to help foster progress in blockchain technology. Blockchain is a sort of storing info that helps prevent anybody from altering, hacking or dishonest it.

The startup, QUBIC Labs, was granted $1.96 million from the Baker administration to supply startups with accessibility to components and custom made program advancement instrument kits developed by Boston-based mostly Algorand. QUBIC will perform with Algorand and other associates to create the system, assisting grow blockchain companies from early-stage study to scaling their company and developing jobs.

Ward 3 Metropolis Councilor Ian Cain and John O’Keefe released QUBICc Labs, a startup incubator in downtown Quincy, in the summer time of 2020. The goal is to discover, improve and make investments in promising finance, federal government and civic engineering, Cain mentioned, in the long run creating work opportunities in Quincy and through the region.

Ian Cain, Quincy city councilor and founder of QUBIC Labs, at Quincy City Hall on Wednesday, June 15, 2022.

Ian Cain, Quincy city councilor and founder of QUBIC Labs, at Quincy Metropolis Corridor on Wednesday, June 15, 2022.

“The commonwealth’s investment decision is a apparent and essential indicator for the blockchain business that Massachusetts intends to be supportive of this rising sector,” Cain and O’Keeffe mentioned in a assertion. “There is tremendous pleasure, optimism and enthusiasm throughout the sector, and now is the time for Massachusetts to use its natural competitive rewards of expertise, entrepreneurial spirit and capital to make even higher contributions in blockchain technological know-how and improvement.”

Blockchain technologies refers to the  technology guiding cryptocurrency and other on the web transactions. The blockchain makes it possible for for secure peer-to-peer transactions working with a decentralized network of computer systems, together with a document of nameless end users.

Aug 2020: Town councilor launches startup incubator in downtown Quincy

“Massachusetts has a authentic option when it arrives to blockchain, given our wide base of expertise in laptop or computer science, finance, health care and over and above,” Housing and Economic Advancement Secretary Mike Kennealy mentioned in a assertion.

Housing and Economic Development Secretary Mike Kennealy speaks at a $2 million grant announcement for Quincy's QUBIC Labs on Wednesday, June 15, 2022.

Housing and Economic Advancement Secretary Mike Kennealy speaks at a $2 million grant announcement for Quincy’s QUBIC Labs on Wednesday, June 15, 2022.

The grant from the Engineering & Innovation Ecosystem Awards program will help an over-all $4.5 million, a few-calendar year venture. The income will let QUBIC to develop an interface with the Algorand blockchain, a development system that supports sensible contracts and is carbon neutral.

The target of the Technology & Innovation Ecosystem application is to progress technologies and innovation that will assist Massachusetts industries compete. The application is funded through the Scientific and Technological innovation Investigation and Enhancement Matching Grant Fund, and was released in late February.

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Achieve Mary Whitfill at [email protected] 

This post at first appeared on The Patriot Ledger: Quincy’s Qubic Labs gets $2 million grant to mature blockchain corporations

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