Ledger Atlas, a blockchain firm recently launched by mentees of billionaire venture capitalist Tim Draper, has signed an agreement to “develop and operate” a special economic zone in Papua New Guinea.
A US-based blockchain company has signed a Memorandum of Understanding (MoU) stating that it will operate and devise the rules for a soon-to-be-established special economic zone within Papua New Guinea.
Ledger Atlas co-founder Jack Saba told ETHNews that the firm will also act as a "participant" in the special economic zone, which will function as a "free market that pushes all [participants] to provide the best possible [blockchain-based] services." The company hopes to grow the zone into a "stable ecosystem," in part by enlisting the cooperation of several government agencies.
The team behind the blockchain-focused startup is seeking investments from local and overseas parties and will allow participants to use any blockchain platform they choose.
Background
The Pacific island nation of Papua New Guinea is home to some 8 million[1] people, many of whom practice agrarian lifestyles. Known for their cultural diversity, the country's citizens speak around 700 languages. A significant share of the nation's revenue comes from mining[2], natural gas extraction, and wood products. In the World Bank's estimation[3], the government's tendency to offer unusually low tax rates to some companies in these industries contributes to the relatively small size of the country's GDP, measured at just over $30 billion last year.
Ledger Atlas's other co-founder, Shane Ninai, who hails from Papua New Guinea, had previously founded another company with Saba: the venture capital firm Day One Investments[4].
Billionaire venture capitalist and crypto-enthusiast Tim Draper[5], who has been mentoring the young men since before Day One came into being,
