A newly announced accelerator program for blockchain ventures is set to launch in January in the Cayman Islands, aiming to take advantage of the location's heavenly landscapes and favorable tax regime.
Latitude founder Arthur Corry had previously founded the first accelerator, an award-winning program, in Toronto. He believes the Cayman Islands' special economic zone law offers the most favorable regulatory environment for tech startups to develop and launch globally.
"It is difficult for a company to adjust to a specific regulatory environment and then make a global launch with those restrictions," explained Corry.
"The other thing we have in Cayman," shared Managing Director of Community Mary Davies, "is the best and the brightest in structuring transactions."
Focusing exclusively on blockchain technology and fintech ventures, Latitude is said to offer mentorship from industry experts, as well as a US$125,000 seed-round investment to each startup during the 3-month program, in exchange for a 7% equity partner cut. The program ends with a demo day, where startups will have the opportunity to pitch their product to potential investors.
On January 21, Latitude will host the International Blockchain Summit in Cayman, which gathers industry experts and leaders in order to educate traditional industry executives on blockchain technology and the industry's new business opportunities.
Further, Latitude is planning to establish a local lab, where a resident individual would develop independent projects and support cohort companies.
Finally, the company said it would soon establish either an academy, or an after-school program to give students exposure to digital literacy. "We will bring in high school students, teach them how to code and show them what that skill can do," stated Davies.
Cayman Enterprise City is a special economic zone located in the tax-neutral Cayman Islands, created for knowledge-based industries. It has developed into an entrepreneurial, technology hub. Cayman's tax-exempt environment has so far attracted over 115 companies that have set up offices in the tax haven.
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