Miami's crypto ambitions: It has a long way to go

Miami, famous for its pristine beaches, non-stop nightlife, and fantastic warm weather, is trying to establish itself as the center of the crypto revolution as startups bank on an influx of workers and venture capital for a chance to make it big. What San Francisco was for Web 2.0, Miami wants to be for Web3.

Now, Miami faces a test of whether it will attract a critical mass of money and hype to make it the hub for a new age of the internet. It has a lot of key ingredients: a growing population of digital token enthusiasts and dealmakers, a pro-crypto mayor and a futuristic vibe that will continue to attract both people and investment. But it takes more than that to win at this game, and San Francisco and New York already have a head start in deals, dollars and tech culture. Meanwhile, cities such as Denver and Austin, Texas, are making their own attempts to establish crypto footholds.

Since 2019, Miami crypto startups have attracted a sliver of U.S. venture capital investment—about $838 million, compared with $12.7 billion for companies in the San Francisco Bay area and almost $7 billion in New York City, data from PitchBook show. The region ranks fourth in the nation for crypto hires per capita, according to LinkedIn data measuring the first nine months of 2021.