Blockchain.com says goodbye to the Big Apple, hello to Miami

Major crypto solutions provider Blockchain.com is moving its United States headquarters from New York to Miami in an attempt to spur aggressive growth over the next few years.

The $5 billion firm intends to hire 300 new full-time employees in the region over the next 18 months. The news broke a day before the city played host to the world’s largest Bitcoin conference, Bitcoin 2021.

Miami Mayor Francis Suarez made the announcement at City Hall with Blockchain.com CEO Peter Smith. He explained that not only will the move boost local employment but it will also be an investment in the local science, technology, engineering, and maths (STEM) community via educational programming. Suaraz said:

"Blockchain.com's arrival in Miami perfectly encapsulates what the Miami Movement is all about — leveraging Miami's talent against the world's top companies in order to build towards our goal of becoming a Miami that lasts forever and a Miami that works for everyone."

Blockchain.com cited a key driver of the move was “the city’s welcoming regulatory environment serving as a hotbed of crypto innovation.” The firm's global headquarters will still be based in Londonn, however, Miami will stand as its U.S. HQ.  Blockchain.com also has offices in San Francisco which will remain.

Blockchain.com, with a $5 billion post-money valuation, is arguably the biggest blockchain-related company poached by Miami since Mayor Suarez began his intense crypto push. The company services 32 million users across 200 countries.

Over the last year, Suarez has made it clear that he wants to landmark Miami as the country’s crypto center. Crypto finance firm XBTO Group purchased a new Miami office in April, Scott Minerd from global investment firm Guggenheim Partners and Peter Thiel associate Keith Rabois have also bought property there. Crypto exchange FTX secured a 19-year deal for naming rights to the Miami Heat arena, and Borderless Capital announced a $25 million fund for Miami-based crypto businesses on June 2.

Suarez has also held meetings with the Winklevoss twins, Elon Musk, Twitter CEO Jack Dorsey and Google CEO Eric Schmidt in an effort to convince them of Miami’s benefits.

Suarez has demonstrated a personal conviction as well, publicly revealing that he owns Bitcoin (BTC) and Ether (ETH), and is planning on “buying the dip”.

"I own #bitcoin and I own #ethereum," says @FrancisSuarez. "I haven't bought the dip yet but I'm planning to. I've just been too busy." pic.twitter.com/xdKpghIRR5

— Squawk Box (@SquawkCNBC) June 3, 2021