Many of the Crypto Hubs’ criteria were measured on a national basis, so all of the U.S. hubs were hampered by a middling crypto regulatory score, which counted for 35% of the total ranking calculation. Austin, Texas, ranked No. 9 overall on CoinDesk’s Crypto Hubs 2023 list, coming behind Wyoming and Silicon Valley, California. Despite a middling crypto regulatory score, Austin was buoyed by the highest crypto adoption score in the sample, weighing 10% of the total.
Austin has long been a top U.S. city for remote working, thanks to its good connectivity, affordable housing costs, and thriving tech scene anchored by Dell and the University of Texas. The city also boasts an outdoorsy vibe, creative food scene, and renowned live-music venues. All of this has made Austin a desirable destination for the blockchain industry, which has been remote-friendly for its 14-year history.
Parker Lewis, who headed business development at the Austin-based Bitcoin startup Unchained Capital from 2018 to 2022, claimed Austin has surpassed New York, San Francisco, and Seattle as the top home base for Bitcoin developers. The city has attracted some of the savviest and most passionate bitcoiners, including developers Jimmy Song and Bryan Bishop, Blockstream’s Lisa Neigut, Lightning Labs’ Ryan Gentry, and the podcaster Marty Bent.
Austin is also home to Bitcoin Commons, a coworking and events space that opened in January 2022, and Trammell Venture Partners, a Bitcoin-focused investment firm led by Dustin Trammell. Other local Bitcoin-related companies include Fedi, Core Scientific, Riot Platforms, and Multicoin Capital.
The city also hosts several regularly-occurring crypto events, including meetups held in a privately-funded events space called Keiretsu. An organization called CabinDAO offers creator residencies funded by ether (ETH) contributions at a 28-acre retreat in Johnson City, an hour’s drive west of Austin.
CoinDesk’s Consensus crypto festival, held at the Austin Convention Center, has helped put Austin on the map. ATX DAO, a decentralized autonomous organization formed in October 2021 and focused on making Austin the crypto capital of the world, has sold 153 memberships at a price of 1 ETH (about $1,900).
Austin, Texas, is a thriving crypto hub with intangibles to boot.