The canton of Zug is contributing to the costs of setting up an institute for blockchain research. The project of the University of Lucerne and Lucerne University of Applied Sciences and Arts is to receive almost 40 million Swiss francs over five years for the project. The canton aims to become a global centre for blockchain technology.

The canton of Zug is contributing a total of 39.35 million Swiss francs over five years towards the costs of setting up an institute for blockchain research, according to a statement. The joint project between the University of Lucerne and Lucerne University of Applied Sciences and Arts aims to make the canton of Zug an international centre for blockchain research.

The Cantonal Council approved the funding proposal on 29 February. As no objections were raised by the deadline of 6 May, the path is clear for the establishment of a Zug Institute for Blockchain Research at the University of Lucerne with nine new chairs. According to a further statement from the University of Lucerne, an affiliated institute will be established in the canton of Zug. In addition, the blockchain department at Lucerne University of Applied Sciences and Arts, based in Rotkreuz in the canton of Zug, will be strengthened.

"We believe that blockchain technology has the potential to change many areas of our lives and we want to ensure that we are at the forefront of this development," Heinz Tännler, Director of Finance of the Canton of Zug, is quoted as saying. With Blockchain Zug, we are launching an innovative lighthouse project with international appeal, he continued. "With this educational project, we are further strengthening Zug as a business location, even against the backdrop of the OECD minimum taxation introduced on 1 January 2024."

Once the cantonal startup funding expires, the initiative will be placed on a sustainable financial footing. An evaluation will be carried out by external experts after three years.