Berlin is becoming the next hotspot for blockchain and cryptocurrency. Would you have guessed that? It’s been a couple of years in the making, but Berliners are looking to keep their city enthusiastic for digital currencies.
Germany’s biggest city has long been in the eyes of blockchain enthusiasts. In 2013, the Guardian reported on cryptocurrency enthusiasts in Kreuzberg who were using Bitcoin in local shops.
Looking back now, the comments in the report seem silly, but it made perfect sense for 2013. Leaders back then speculated how Berlin’s rebellious and critical mindset seemed to fit in well with an alternative system like virtual currencies and Bitcoin.
Fast-track half a decade later, and Berlin has become the undisputed leader across Europe and the wider world in the blockchain and cryptocurrency fields. Berlin is attracting developers, entrepreneurs, and those interested in cutting-edge technology. Most importantly, they’re attracting start-up companies and talent now that Brexit is fast approaching.
Lead developer of Ethereum, Fabian Vogelsteller, mentioned how “Berlin is the crypto capital of Europe if not the world”. There are a few reasons for this, but most importantly is the city’s low cost of living and the number of co-working spaces available for businesses. This is a far cry from other “tech hub cities” like Silicon Valley where housing is prohibitively expensive.
Combine the above with the fact that diverse talent is coming into Berlin, and you’ve got a “very open ecosystem” during blockchain and crypto meetups, according to Jazmine Zhang of LongHash Germany. Zhang continued, saying that the people in the city have a desire to “work together and partner with each other.”
Berlin’s reputation as a cryptocurrency and blockchain friendly city is, of course, bolstered by a few entities that are associated with the city. Perhaps you’ve heard of EOS and IOTA? That’s right. EOS, with a market capitalization of nearly $4.9 billion dollars, is based in Berlin.
Same with IOTA, who has built an Internet of Things (IoT) transnational settlement system and has a market cap of nearly $1.3 billion dollars. Co-Founder Dominik Schiner said in March that he was able to make connections from Berlin with a large number of companies who have worked on IOTA’s development.
IOTA’s Berlin roots have caused it to open offices across the globe to change the perception that IOTA is a German Cryptocurrency.
The growth of industry inside of Berlin and across Germany has led to a more willingness to collaborate with government authorities. This can be seen in a blockchain trade association called Bundesblog which is currently working with government officials across the European nation to help promote blockchain technology.
What do you think? Have you gone to any crypto meet-ups in Berlin? Where was the last crypto meet-up you’ve gone to? Do you think working with government will bring mass adoption sooner? We know that the FATF is looking to regulate crypto to help stop money laundering. Let us know on our Facebook Page!
