Why is Jacksonville, FL a Cryptocurrency Hotspot?

Several landmark moments and occurrences strengthening the city’s bond with digital currencies.

Jacksonville, FL has become something of a cryptocurrency hotspot over the last few years, with several landmark moments and occurrences strengthening the city’s bond with digital currencies.

As far back as 2010, Jax was making history with bitcoin. It was the location of the first-ever bitcoin transaction, something that is commemorated on a plaque at Papa John’s on Atlantic Boulevard. Back then a computer programmer called Laszlo Hanyecz decided he wanted to buy pizza with bitcoin. Action News Jax explains how a resident from the UK sent pizza to his home in exchange for 10,000 bitcoins, worth around $100m in today’s climate. That transaction, on May 22nd, 2010, made history and set the benchmark for Jax’s rich heritage in the online currency.

By December 2017, Jax was the most active city for the online currency in the whole of the United States, with a value of $31,468 per person using cryptocurrency, nearly twice as much as the second-most active city at the time. That has settled has time has progressed, but it clearly demonstrates the city as a hotspot for cryptocurrency. Jax is also a hotspot for bitcoin ATMs, described by First Coast News as creating a wild west in modern-day America. There are around 45 in the city, from a total of just 8,000 across the whole country.

Whilst there are pros and cons to the usage of bitcoin, there is little doubt that prevalent use helps attract tech companies and startups to the area. Fidelity National Information Services Inc. is one of four Fortune 500 companies based in Jax and they recently announced their blockchain-focused Fraud Freedom project. It is a new chargeback indemnification service designed for cryptocurrency brokers and exchanges, something which further drives the notion of Jax being a hotspot for the technology. With illustrious business already in the city, the lure for tech startups is also strong, and Florida Funders link up with Florida Polytechnic University is helping to further drive business and entrepreneurship within the sector. The initiative aims to discover fresh talent, fund the setup of their business, and create early-stage technology companies within the area. The rich heritage in cryptocurrency is helping to attract tech companies focused on that sector, as is the ease with which startups can set up and begin their business life.

Starting a new venture in Florida is straightforward and particularly attractive to tech-driven projects. A guide to starting an LLC in Florida on ZenBusiness outlines minimal requirements such as naming your registered agent and filing for Articles of Organization. With little red tape to negotiate before they can begin trading, it has never been easier to set up a new business in Florida and Jax. With funding and plenty of expert help on hand, that makes the state, and in particular Jax, hugely attractive to exciting young talent within the industry.

It has led to companies such as Intuceo and Analytics Partners, Inc. trading in big data settling in the area, capitalizing on the forward-thinking and progressive nature of Jax, both within the tech sector. Moving forward, with the initiatives in place and the city’s reputation as a blockchain center, it bodes well for future startups within the wide Jax area.