By
Mayowa Adebajo
April 24th, 2024
The open-arm policy of the authorities for crypto innovations makes Miami a prime location for crypto firms, including Blockchain.com.
London-based cryptocurrency exchange firm Blockchain.com has announced its plans to move its US headquarters from New York City to Miami. This announcement was made on Thursday, June 2nd, 2021 by Miami City Mayor, Francis Suarez, alongside Blockchain CEO and co-founder, Peter Smith during a press conference held regarding the upcoming 2021 Bitcoin Conference in Wynwood.
The duo announced that by the end of 2022, 300 jobs would have been created each with an average salary of $110,000. Much more, the move will see the economy gain as much as $33 million. A city official has said that the company’s move was not being induced by any financial incentive from the city authorities.
Reasons for Blockchain.com to Move to Miami
The announcement is just the latest. A number of tech companies have in recent weeks either announced a Miami presence or investment. This should come as no shock; Mayor Suarez has been vocal about his intention to turn the Miami environment from a tourist or service-based economy to a technology-driven economy. And it’s not all talk. The Mayor has created an enabling environment for the same even going as far as pushing for the first financial regulations for cryptocurrency in the state.
Earlier this week, there were other crypto-based announcements from the region with the creation of a startup investment fund amounting to about $25 million and the launching of city-specific crypto assets.
The open-arm policy of the authorities for crypto innovations makes Miami a prime location for crypto firms, including Blockchain.com. Moreover, Miami is the prime financial centre for Latino America and being able to pitch directly into the talent pool is an opportunity too big to pass away. The Miami Mayor aims to leverage Miami’s talent against the biggest global brands to build a lasting system that works for everyone.
Symbiotic Decision
Speaking at the City Hall alongside the Mayor, Blockchain CEO noted that the internet economy is set to become the world’s largest by 2030 and that cryptocurrency will be the innovation that supports it financially.
He noted:
”The City of Miami recognizes the industry’s potential, and we look forward to contributing to Miami’s rich innovation ecosystem.”
Apart from creating high-paying jobs, Blockchain has also promised support for the budding crypto ecosystem in the region by investing in STEM initiatives
Smith claimed that as much as 28% of all global Bitcoin transactions since 2012 occurred on the website. Going by current indications, the firm, is poised for its next growth phase and will likely surpass that figure. This follows from a post-money valuation worth $5B and venture capital funding from leading investors globally amounting to about $500M.
Already, the leading crypto exchange firm boasts about 32 million verified users spread across 200 countries who use at least one of its products. The impact of this move remains to be seen.