Cryptocurrency and blockchain companies love Miami.
That became apparent in 2021, when a series of those startups began to launch or expand to the Magic City. Miami Mayor Francis Suarez, an industry advocate, actively recruited crypto ventures to the area in a push to transform the city into a global hub for the emerging industry.
Click on the attached slideshow to review some of the cryptocurrency and web3 companies that now call Miami home.
Cryptocurrencies are virtual currencies that do not exist in a physical form. The most well-known example, Bitcoin, was created in 2009 and uses peer-to-peer technology to facilitate instant payments. Its popularity inspired the creation of thousands of other digital currencies, but Bitcoin remains the largest by market capitalization.
Cryptocurrencies are stored electronically in the blockchain, a digital ledger that keeps a record of all transactions occurring in a peer-to-peer network. Blockchain technology essentially enables the existence of digital currencies, such as Bitcoin, and digital collectibles like non-fungible tokens (NFTs).
Those technologies are key to the development of web3, a catch-all term for a future version of the internet that will be powered by blockchain, crypto and NFTs. The idea is those technologies will transfer power to internet users by giving them ownership of their digital assets.
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