Sydney, Australia, is not only known for its stunning harbor views and iconic landmarks but also for its vibrant crypto culture. This guide will explore Sydney’s crypto scene, including the city’s notable projects and companies, its financial infrastructure, where you can spend crypto, and its history of controversies. Additionally, we’ll delve into the education opportunities available and introduce you to some notable figures in the space.
Sydney, with a population of 5.2 million, is Australia’s first and oldest city. Established in 1788 as a penal colony, it quickly developed into a thriving metropolis and financial hub. The city is famous for its picturesque harbor, which is one of the largest natural harbors in the world. Sydney’s 100 beaches, including the renowned Bondi Beach, attract locals and tourists alike.
The city’s crypto culture has been flourishing since the early days of cryptocurrencies. Blockchain Sydney, a meetup group that has been active since 2013, organizes regular gatherings at various pubs in the city. Blockchain Professionals, formed in 2014, also holds monthly meetups. The Australian DeFi Association, a newer addition to the scene, has quickly become a popular hangout for crypto industry players and enthusiasts.
Sydney’s startup culture plays a significant role in fostering its crypto community. Many crypto-related events take place in co-working offices throughout the city, which serve as bases for numerous crypto and fintech startups. Stone & Chalk, a prominent provider, operates a Web3 Innovation Centre within the government-supported Sydney Startup Hub. Independent Reserve, a local exchange, has been running a blockchain business accelerator since 2018.
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The city is home to various crypto projects and companies across different niches. One notable project is Zed Run, an NFT horse racing and betting game created by Virtually Human Studios. Find Satoshi Labs developed the move-to-earn app, StepN. Other companies, such as Illuvium, Immutable, and Sigma Prime, also call Sydney home.
Though Sydney may not have as many exchanges or trading platforms compared to Melbourne, it hosts significant parts of Synthetix, an Ethereum-based token trading platform. Additionally, the city is the base for Block Earner, a DeFi-backed fintech company, as well as centralized exchanges like Independent Reserve and CryptoSpend. Various blockchain development and advisory businesses, such as Block8, Soulbound, and Smart Token Labs, are headquartered in Sydney.
Sydney’s financial infrastructure reflects its position as Australia’s financial hub. The city was home to the country’s first Bitcoin ATM, which was installed in 2014. Today, there are over 100 Bitcoin ATMs scattered throughout the city, operated by different companies. Several local and international exchanges, including CoinJar, Crypto.com, CoinSpot, Wirex, and CryptoSpend, provide Sydneysiders with access to cryptocurrencies. Some of these exchanges even offer debit cards, allowing users to spend their crypto directly or receive cashback in crypto.
While crypto is not widely used for payments or sending funds in Sydney, Australians have access to efficient traditional financial payment methods. The New Payments Platform enables instant and free transfers through TradFi rails using only a phone number or email. As a result, the need for a central bank digital currency (CBDC) in Australia has been a topic of debate.
However, the relationship between crypto companies and traditional banking or payment providers can be challenging. In 2023, Binance Australia’s payments provider, Zepto, was forced to offboard the exchange by its partner, Cuscal. Soon after, Westpac, one of Australia’s largest banks, started blocking payments to crypto exchanges. The Commonwealth Bank of Australia (CBA), the country’s largest bank, followed suit by implementing restrictions on crypto transactions.
Despite these controversies, Sydney’s crypto community continues to thrive. Education opportunities in blockchain and crypto are readily available in the city. Various meetups, such as Blockchain Sydney and Bitcoin Sydney, offer informal learning and networking experiences. Additionally, organizations like Haymarket HQ and BlockathonDAO support and incubate crypto startups, providing them with resources and mentorship.
Several notable figures contribute to Sydney’s crypto scene. Mark Monfort, co-founder of the Australian DeFi Association and advisory firm NotCentralised, plays a key role in organizing and promoting the city’s crypto events. Fred Schebesta, founder of Finder and owner of the Crypto Castle in Coogee, is actively involved in the crypto and blockchain space.
In conclusion, Sydney’s crypto culture is thriving, with a range of projects, companies, and events shaping the city’s ecosystem. Despite controversies and challenges, the community remains resilient and continues to contribute to the growth of blockchain and crypto in Australia. Whether you’re a crypto enthusiast, investor, or entrepreneur, Sydney offers a vibrant and supportive environment to explore and engage with the world of cryptocurrencies.
