This “Crypto City” guide covers Melbourne’s crypto culture, the city’s most notable projects and people, its financial infrastructure, which retailers accept crypto, and where to find blockchain training courses – and there is even a brief history of all the juicy ones Details of famous controversies and breakdowns.
Population: 5.15 million
Australia’s second largest city may lack Sydney’s breathtaking harbor views, but it makes up for it with a focus on art, sports, and culture. There are more live music venues per capita here than any other city in the world, and the city has produced tons of notable acts, including Nick Cave, Men at work, The avalanches and Kylie Minogue.
Located on the south coast of Australia, Melbourne wasn’t founded until nearly 50 years after Sydney, but it quickly became the richest place on earth during the gold rush of the 1850s to 1880s. It is a very multicultural city with the 10th largest immigrant population in the world. The city also ranks 27th on the Global Financial Centers Index and is home to the Australian rules Football code that Australian Grand Prix and the Australian Open. It was the location for the first one Crazy Max film on the side Chopper and Animal kingdom. Politically, Melbourne is more left-wing than any other city in the country and is home to the trade union movement.
Melbourne adopted cryptocurrencies early on and a thriving community has been built through regular meetings, including Blockchain Melbourne, Women in blockchain, Web3 Melbourne and F.utureAUS. Karen Cohen, Deputy Chairman of the Blockchain Australia, recalls that there was a huge influx of newcomers during the ICO boom in 2017.
“The meetup culture was really exciting. We couldn’t get enough space, so people followed our meetings on Facebook Live because they couldn’t enter the room because it was so full. “
Talk & act Meetups took place every Wednesday from 2015 to 2019 at Blockchain center. Located on Victorian Innovation Center in Docklands, the Blockchain Center was the heart of the community in real life, at least until the coronavirus pandemic broke out.
Melbourne has been home to numerous crypto exchanges since 2013, and a variety of ICOs were also launched in the city in 2017 and 2018, including CanYawho operates a freelancer platform Can work, and blockchain voting companies Horizon state.
While the pandemic has postponed most things online over the past 18 months, Blockchain Australia hosted a number of events at YBF Ventures in the Melbourne Central Business District (CBD) for the national Blockchain Week Earlier this year, and Talk & Trade is now taking place at RMIT, between lockdowns.
With live events resurfacing as vaccine rates slowly rise, YBF Ventures will restart its blockchain community meetings, supported by Cohen as an expert in residence on blockchain. “Unfortunately, 2020 was tough with COVID so it had to be relocated online,” she says. “But I think if we could meet in real life there would still be a meetup culture.”
Projects and companies
Melbourne residents seem keen to solve the interblockchain communications problem, with at least three large cross-chain projects having strong ties to the city. CanYa founder JP Thor helped establish the cross-chain decentralized liquidity protocol THOR chain, and some of the anonymous local developers at THORChain were working on a similar project called Sif chain. Simon Harman from Melbourne founded another cross-chain automated market maker, Chain slap, together with the data protection project Loki, what is now known as Ox.
Web 3.0 developer studios Flex dapps and Type man are located here as well as the white label blockchain service provider Pellarwhose infrastructure processes 10 million requests from all over the world every day. Government researchers Commonwealth Scientific and Industrial Research Organization and Monash University invented the MatRiCT Technology (licensed to Hcash), which protects crypto from being cracked by quantum computers. NFT digital racehorse game Zed Run has just raised $ 20 million from investors like TCG and Andreessen Horowitz. Algorand is also present in Melbourne, including through the Meld Gold platform and Algomint.
Chris Hemsworth, @THORChain CEO, 2021 pic.twitter.com/4MDli8anpW
– Fede ⚡️ (@ledgermex) May 14, 2021
Melbourne-based crypto exchanges include BTC markets, Cointree, CoinSpot, CoinJar, unsecured exchange Elbaite and OTC service Caleb and Brown. Great global fiat-to-crypto driveway Banxa is also based in the city.
Upcoming projects include an insurance platform day after day, Onboarding and fraud protection platform FrankieOne and accounting software AEM. DeFi-focused crypto fund Apollo capital – which is a large investor in Synthetix and Internet Computers, among others – is also based in Melbourne. Apollo’s chief investment officer, Henrik Andersson, co-founded the decentralized pool trading platform dHEDGE and income platform mStable (and helped with a few ideas for this guide).
The first Bitcoin ATM was installed in the Emporium in 2014, but there are only 13 Bitcoin ATM scattered around Melbourne, mostly in large malls. Australian banks have a somewhat cautious approach to crypto – while many banks are happy to allow their users to send funds to exchanges, many users have reported suddenly being withdrawn, especially those doing crypto-related businesses. “They close accounts at will based on crypto usage, and we’ve seen that, so they still don’t support them as an industry,” Cohen says.
That New payment platform in Australia is something of a competitor to crypto (at least in terms of payments), allowing instant bank transfers around the clock via a phone number or email address. Often referred to as PayID, it has been cited by the Reserve Bank of Australia as the reason why central bank digital currency is not yet needed in Australia. There are hundreds of retailers here in the Blueshyft Network (the other project by Synthetix founder Kain Warwick) that accepts cash payments for crypto exchanges.
Where can I spend crypto?
Accordingly Coin card, you will currently struggle to issue cryptocurrency directly in Melbourne with fewer than 40 retail stores accepting Bitcoin. (For comparison, Ljubljana, Slovenia has half the population but 554 crypto-accepting traders.) It wasn’t always like that, with swaths of Melbourne cafes and companies that accepted crypto a few years ago but then removed the option and couldn’t take off .
Many merchants used the crypto payment service from TravelbyBit; However, it was dropped after the company merged with Travala in mid-2020. Australia’s oldest and largest board game retailer in the CBD, Mind games, gladly accepts Bitcoin over the Lightning Network. You can also learn to climb at Melbourne climbing school, get fit with women-only Fernwood Gym Have your computer repaired in Bulleen Another world data center in Coburg or grab some raver equipment from Ministry of Style in Collingwood.
If you rely on Coinmap’s data, note that some of the retailers featured (most likely due to the pandemic) have gone out of business, including the cult bookstore Polyester books, Gift shop Vera Chan and various cafes.
According to Bitcoin.com, around 20 small businesses accept Bitcoin Cash, including the Japanese wellness clinic Sensu Spa and dealers in ties and cufflinks Jay Kirby ties in the CBD.
Although there are no merchants who accept direct crypto payments, you can pay for pretty much anything in Melbourne using crypto through intermediary services that convert it to cash. Satoshi’s living room you can pay any Bpay biller or bank account with 18 different cryptocurrencies.
of RMIT University Blockchain innovation center explores the social and business implications of blockchain while the University of Monash Blockchain technology center trains and researches. There is a Blockchain innovation laboratory at Swinburne University and Deakin universitywho both research.
Controversies and breakdowns
Auscoin was perhaps the most controversial project to emerge from the city. Founded by Sam Karagiozis, the owner of a Lambo-driving souvlaki chain, the token was created to fund the launch of 1,200 Bitcoin ATMs. The Australian version of 60 minutes called it an “$ 80 million scam” that was built on nothing but “great promises” when the ICO only raised $ 2 million. Auscoin was ordered by AUSTRAC cease operations after Karagiozis was charged with trafficking 30 kilograms of drugs over the darknet.
Elsewhere, up to 200 investors lost about $ 10 million when the Melbourne-based crypto exchange ACX Mysteriously collapsed in late 2019. It was operated by Blockchain Global, whose founder Sam Lee was instrumental in setting up the Blockchain Center.
Another local exchange that mysteriously worked out was MyCryptoWallet. National Australia Bank, founded in 2017, froze its accounts in early 2019. The exchange found alternative banking services and temporarily recovered, but later that year users found they had lost access to their funds. They had to get their funds back in April, and Australia’s corporate regulator, the Australian Securities and Investments Commission, is due to investigate. Huobi Australia was launched in Melbourne in 2018, but quickly closed due to a lack of business in the crypto winter. Horizon state, a promising blockchain-based voting platform that launched in Melbourne and then moved to New Zealand, where it was on the verge of doing great things when a mysterious Melbourne court case ruined the entire project. In a happy ending, the community raises it from the ashes with a crowd equity increase.
BREAKING: Auscoin founder Sam Karagiozis is charged with trafficking in cocaine, ice cream and other drugs, but has now been released on bail to attend his brother’s wedding. https://t.co/aGuzMRcYcR
– The Greek Herald (@greek_herald) January 5, 2021
Ethereum influencer Anthony Sassano; CEO of BTC markets Caroline Bowler; Chief Investment Officer of Apollo Capital Henrik Andersson; A. J. Milne from Meld Ventures and Algomint; CEO of Blockchain Australia Steve Vallas; Tom Nash and Alex Ramsey from Flex-Dapps; Women in Blockchain International Manager Akasha Indream; Chief Operating Officer of the Algorand Foundation Jason Lee; CanYa and THORChain founders JP Thor; “Satoshi’s sister” Lisa Edwards; Founder of the Blockchain Center Sam Lee (including the now defunct ACX); RMIT Blockchain Innovation Hub Professor Jason Potts; Joseph Liu, Director of the Monash Blockchain Technology Center and inventor of the technology behind Monero; Oxen Chief Technology Officer Kee Jefferys; Emerging Tech Talent Founder Karen Cohen; Ethitech Head of Education Anouk Pinchetti; Type Human Director Nick Byrne; Auscoin founder Sam Karagiozis; and blockchain legal specialists Joni Pirovich from Mills Oakley and Johannes Bassilios by Hall & Wilcox. Cointelegraph team members and contributors based in Melbourne: Andrew Fenton, Brian Quarmby, Kelsie Nabben.
Suggestions for additions to this guide are welcome. Please send an email to: email@example.com