Berlin, Germany is Quickly Becoming New Hotspot for Crypto and Blockchain Companies
Berlin seems to be changing into a hub for cryptocurrencies and blockchain technology. German’s biggest city has always been on the radar of many crypto investors and enthusiasts in the crypto world.
For example, back in 2013, the Guardian, reported that there were several enthusiasts in Kreuzberg (a southern district of Berlin), using Bitcoin in many shops where the virtual currency was accepted.
After five years from this story, Berlin became a leader in Europe and the world in terms of blockchain technology and virtual currencies. There are developers, entrepreneurs, and other individuals very interested in virtual currencies in this German city. And since Brexit negotiations seem to be in a difficult moment, several start-ups located in London could soon move to Berlin.
Deutsche Welle informed that the city has a low-cost way fo living and there are several co-working spaces in the area. Since there are different talents from all over the world working in the city, the crypto-ecosystem created a very open and diverse community in the city.
According to Jazmine Zhang of the blockchain accelerator LongHash Germany, explained that people in the city have a desire to work and partner with each other. Blockchain technology and cryptocurrencies are generating a very good atmosphere in the city.
For example, EOS is based in Berlin and has a market capitalization of $4.9 billion dollars in the crypto market. At the same time, the IOTA team is located in the city. The IOTA project has built an IoT transnational settlement and has a market capitalization around $1.3 billion dollars. Indeed, the company has signed partnerships with Bosh and Volkswagen.
This growth in the interest for virtual currencies and blockchain start-ups expanding in the country has led the government to collaborate about regulatory issues. The blockchain trade association known as Bundesblog is working with government officials in the country in order to promote distributed ledger technology (DLT).
At the moment, there are no specific regulations going to be implemented. However, several experts and countries are already asking countries to take coordinated measures to allow the space to continue growing.