Austin made headlines in February when Elon Musk predicted the city would become “the greatest boomtown America has seen in 50 years.” While this prediction may have come as a surprise to many, the truth is that most VCs, entrepreneurs, businesses, and tech enthusiasts have been aware of this for some time. Indeed, Austin has become one of the biggest tech hubs in the United States over the past few years, especially when it comes to blockchain and fintech.
Less than a month ago, Austin hosted for the first time what has been one of the most important conferences in the crypto space since 2015: Consensus 2022. The city is also known for hosting South by Southwest” SXSW”, the Enterprise Digital Asset Summit. , DCentral, ETH Austin, BitBlockBoom and many more. Besides that, Austin is also home to companies like Gemini, Core Scientific, Talos Digital, and Scala.
Keeping these events and companies in mind, it’s easy to see the reasons behind Musk’s prediction. Austin is a vibrant city where disruptive technology is not only welcomed, but has been encouraged over the past few years. Back in 2018, Wanchain President Dustin Byington was already telling Crunchbase:
“Austin is a natural – and currently budding – hub for cryptocurrency. It has a strong tech and startup community, a large libertarian influence upon which the philosophy of crypto is based, and the macro trend of companies moving in Texas due to the lack of state income tax, which could really benefit this new industry.
Well, Austin has only grown in relevance in the tech industry since those comments and now it looks like it’s all about sustainable organic growth. Although the Bay Area is still America’s biggest tech hub after captivating top talent for years, that could change. The region’s inability to cope with soaring housing/living prices meant that over time the influx of workers and businesses changed direction, with remote working being a major factor .
But what are the reasons that make Austin so attractive for the FinTech, Crypto and Blockchain industries? This was one of the topics discussed during the “Meet Austin’s FinTech Scene” panel, which took place during Grit Daily House at Consensus 2022. Axios reporter Asher Price sat down with founder and general partner of Henry Collective, Tyler Knight, and the managing partner of Silverton Partners, Morgan. Flager to talk about the city’s vibrant FinTech scene.
If you missed the chance to attend Grit Daily House in person and hear what these experts have to say about Austin’s future as a FinTech hub, fret not. You can watch the panel in the video below and find our other panels on the official Grit Daily YouTube channel.
Juan Fajardo is News Desk Editor at Grit Daily. He is a software developer, technology and blockchain enthusiast, and writer, fields in which he has contributed to several projects. A jack-of-all-trades, he was born in Bogota, Colombia, but currently lives in Argentina after having traveled extensively. Always with a new interest in mind and a passion for entrepreneurship, Juan is an editor at Grit Daily where he covers everything related to the world of startups.