The just-concluded LongHash Crypto Festival in Germany is another evidence that Berlin is fast cementing its place as the hub of cryptocurrency and blockchain industry in the world.
The festival, which began on October 26 and scheduled to end on the 29th had a host of blockchain and cryptocurrency enthusiasts come together in droves as developers, traders and investors participated across a number of key organized tasks and events.
While Malta Island is famed and regularly hailed as the Silicon Valley for the crypto-blockchain industry, Germany has long been its proponent and instigator right from the very beginning. Cryptocurrency transactions and acceptance of Bitcoin or similar altcoins in commercial places and shops are increasingly becoming common, but German shops were among the first to dip their hats in the ring: Room 77, a bar in Kreuzberg was already accepting Bitcoin transactions for beers as of 2011. An eventful seven years after, and it is no surprise that the same Berlin is evolving into the Mecca of the cryptocurrency industry.
Love Affair with Berlin
Entrepreneurs, enthusiasts, and developers are choosing to move to the City of Berlin in numbers, and it is no random coincidence. The city holds a great deal of attractions and benefits that is commendably responsible for its scintillating love affair with the world of cryptocurrency. That new start-up companies in the industry are choosing Berlin as their home only serves to reinforce its pulling effect.
One of the strengths of a city which was famously described by its previous mayor as “…poor but sexy,” is its relatively low cost of living, while still being able to promote an excellent co-working environment. LongHash CEO, Jasmine Zhang echoed the same thoughts when asked the same teasing question, Why Berlin?
“[Especially with Brexit, Germany is now attracting a lot of talent and funding from everywhere],” she said. “Berlin is really attractive with a low cost of living and so many co-working spaces and also really good projects that can attract people to come here.”
Berlin is currently home to a number of established and emerging guns in the crypto-space, such as EOS which has a market capitalization of almost 5 billion dollars. Fast-rising IOTA with its unique Internet-of-things architecture and design is also based in the city of Berlin. Dominik Schiener, IOTA’s co-founder recently revealed the company’s plans to establish major branches and regional headquarters across the world, marking it as a significant development in ensuring the growth of IOTA.