This “Crypto City” guide takes you through Sydney’s vibrant crypto culture, showcasing notable projects and people, its financial infrastructure, and the city’s blockchain education courses. Sydney, Australia’s first and oldest city, saw early interest in cryptocurrencies, which continues today. Local crypto enthusiasts consistently get together for meetings and events, fostering Sydney’s thriving cryptocurrency startup culture.
One of the main points of discussion is the city’s financial infrastructure; Sydney is home to Australia’s first-ever Bitcoin ATM, and over 100 others are spread around the city. Despite this, the relationship between crypto companies and banks or payment providers remains precarious, with major banks blocking payments to crypto exchanges and imposing limits on transactions.
When it comes to spending cryptocurrencies, the majority of businesses appear on Coinmap, which lists roughly 25 venues near the city center that accept digital currency payments. However, many of these have either shut down or no longer accept crypto payments due to a lack of uptake by customers.
The city also has a history of crypto controversies, like the infamous BitConnect Ponzi scheme. Additionally, Sydney’s Commonwealth Bank has changed its stance on crypto, from gearing up to offer crypto trading within its banking app to censoring payments to crypto exchanges.
Sydney also boasts various higher education institutions that offer blockchain-related courses, demonstrating the city’s commitment to nurturing future leaders in the industry. Notable figures in the Sydney crypto scene include Synthetix founder Kain Warwick and Block Earner co-founder Charlie Karaboga, among others.
In this constantly evolving world of cryptocurrencies and blockchain technology, it is essential to stay informed on the latest developments, trends, and controversies. Sydney is undoubtedly a city worth keeping an eye on as it continues to make its mark as a hub for blockchain innovation and education.