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Blockchain in Latvia – development and interesting facts

In 2017 Latvia, Lithuania and Estonia released Memorandum of Understanding – the finance ministries for Estonia, Latvia and Lithuania agreed to cooperate on a number of actions to expand and develop their economies – a process which would include the promotion of distributed ledger technologies to aid in capital market innovations. The Financial Capital Market Commission of Latvia also expressed its readiness to advise blockchain initiatives on the various authorizations that may be necessary.

According to the report issued by Ministry of Economics of the Republic of Latvia in 2019 “On examples, prospects and further actions to promote the development of blockchain technology” there are more than 25 startups in Latvia that are working in gamification, identification and crypto asset fields and are successful players in the global market. For example, company “Digipulse” that has raised approximately 1 million euros via Initial Coin Offering (ICOs), company “Notakey” which offers identification and authentication solutions for businesses, company “Monetizr” that has developed special IT solution  - blockchain protocol and cryptocurrency reward system for game developers.

To inform public about opportunities, news, trends in blockchain technology area, promote collaboration between government and private sectors, provide support for development, inspire research and deployment of blockchain technology the Latvian Blockchain Association was established in March 2017. Association unites 5 blockchain technology related companies and cryptocurrency enthusiasts unites: “Paybis”, “Blockvis”, “CryptoLab”, “ToTheMoonLab” un “AXIOMA”.

An important role in the blockchain ecosystem of the country has platforms and support centers that educate developers on the possibilities for using blockchain technology-based solutions. For example, -

  • “CryptoLab” – provides training and gives consultations regarding investment opportunities in cryptocurrencies and their day-to-day use;
  • “Blockvis” – group of IT professionals that educate public and develop applications of blockchain technology in the field of smart contracts.

Also, conferences, discussions and different networking activities are being organized by local IT communities (for example, Techchill, Startin.LV, LIAA, Riga TechGirls, TechHub Riga). For example, annual conference “RIGA COMM” where service providers and product developers from Baltics and number of foreign countries discuss the impact of blockchain technology and its use-cases.

In order to develop blockchain technology-based solutions, companies have access to support instruments provided by existing aid programs in country, including accelerator and venture capital funds.