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Blockchain.com Announces Move of US Headquarters from New York City to Miami

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The open-arm policy of the authorities for crypto innovations makes Miami a prime location for crypto firms, including Blockchain.com.

London-based cryptocurrency exchange firm Blockchain.com has announced its plans to move its US headquarters from New York City to Miami. This announcement was made on Thursday, June 2nd, 2021 by Miami City Mayor, Francis Suarez, alongside Blockchain CEO and co-founder, Peter Smith during a press conference held regarding the upcoming 2021 Bitcoin Conference in Wynwood.

The duo announced that by the end of 2022, 300 jobs would have been created each with an average salary of $110,000. Much more, the move will see the economy gain as much as $33 million. A city official has said that the company’s move was not being induced by any financial incentive from the city authorities.

Reasons for Blockchain.com to Move to Miami

The announcement is just the latest. A number of tech companies have in recent weeks either announced a Miami presence or investment. This should come as no shock; Mayor Suarez has been vocal about his intention to turn the Miami environment from a tourist or service-based economy to a technology-driven economy. And it’s not all talk. The Mayor has created an enabling environment for the same even going as far as pushing for the first financial regulations for cryptocurrency in the state.

Earlier this week, there were other crypto-based announcements from the region with the creation of a startup investment fund amounting to about $25 million and the launching of city-specific crypto assets.

The open-arm policy of the authorities for crypto innovations makes Miami a prime location for crypto firms, including Blockchain.com. Moreover, Miami is the prime financial centre for Latino America and being able to pitch directly into the talent pool is an opportunity too big to pass away. The Miami Mayor aims to leverage Miami’s talent against the biggest global brands to build a lasting system that works for everyone.

Symbiotic Decision

Speaking at the City Hall alongside the Mayor, Blockchain CEO noted that the internet economy is set to become the world’s largest by 2030 and that cryptocurrency will be the innovation that supports it financially.

He noted:

”The City of Miami recognizes the industry’s potential, and we look forward to contributing to Miami’s rich innovation ecosystem.”

Apart from creating high-paying jobs, Blockchain has also promised support for the budding crypto ecosystem in the region by investing in STEM initiatives

Smith claimed that as much as 28% of all global Bitcoin transactions since 2012 occurred on the website. Going by current indications, the firm, is poised for its next growth phase and will likely surpass that figure. This follows from a post-money valuation worth $5B and venture capital funding from leading investors globally amounting to about $500M.

Already, the leading crypto exchange firm boasts about 32 million verified users spread across 200 countries who use at least one of its products. The impact of this move remains to be seen.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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Polywhale Finance founders accused of rug pull amid abrupt shut down

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Developers of Polywhale Finance, a leading yield farm on the Polygon network, have abandoned the project in what appears to be an elaborate exit scam worth over $1 million, cryptocurrency news outlet Crypto Briefing reported Monday. 

Polywhale Finance’s founders are being accused of pulling a “soft rug” exit scam by selling their tokens during the latest crypto market price collapse. In a Telegram group devoted to the project, Polywhale Finance cited poor tokenomics, a negative market outlook and competition as the biggest reasons for folding. However, community members have attributed the hasty exit to malicious intent.

For starters, the official Telegram group for Polywhale Finance has been shuttered permanently, with community members increasingly convinced that the project comprised fraud. Disgruntled community members have since started a new Telegram group called “Polywhale Rugged,” where the pinned message reads:

 ATTENTION: THE [TREASURY] WALLET HAS BEEN DRAINED ALMOST ENTIRELY INTO THE DEV WALLET AND then 1.04 MILLION REDEEMED FROM THERE.”

The Treasury wallet had 5 million tokens on June 9, according to a member by the name of “Exceptional.” Earlier in the day, a community member with the handle “SK” observed that the Treasury wallet had dwindled to just 1.6 million. He was subsequently banned from the chatroom and his post deleted. 

“As of 12am UTC that wallet now has ~$200,000 in it, with 1.4 million being transferred to the devs wallet at around 1655 UTC,” the message reads.

On its website, Polywhale Finance claims to have more than $3.6 billion in total value locked across its entire platform. The yield farm was launched in April 2021 by an anonymous group.

Related: Polygon committing $10M to reach 1M users using 0x API

Polygon has quickly emerged as one of the most popular DeFi protocols in all of crypto. As Cointelegraph reported, Polygon registered 75,000 new active users over a seven-day period during the height of the DeFi boom in May. The 1inch Network also expanded to Polygon last month in a move that boosted the aggregator’s liquidity sources. Meanwhile, Ren announced in May that it had launched a bridge to Polygon for seven leading cryptocurrencies, including Bitcoin (BTC) and Dogecoin (DOGE).

Polygon rebranded from Matic Network in February 2021 and was one of the fastest-growing projects during the bull market. Polygon’s token, which still trades under the symbol MATIC, is ranked 16th by market capitalization with a total network value of $7.6 billion.