The recently completed Miami Bitcoin2021 Conference has led to great announcements from crypto firms. eToro, a leading crypto exchange platform, announced that it would be opening a new US location in Miami.
Many crypto firms have been flocking to Miami, looking to tap into the city’s potential as a tech hub. The ‘migration’ is attributed to how the mayor of Miami, Francis Suarez, has been optimistic about cryptocurrencies. The mayor had earlier suggested that part of the city’s funds be stored in bitcoin.
Speaking on eToro’s announcement, the mayor said that, “eToro’s commitment to Miami furthers the narrative that this is not a moment but a movement, and we are on our way to becoming the ‘Capital of Capital.”
Crypto Firms Flock to Miami
eToro is not the only firm seeking to tap into the crypto-friendly Miami environment. Blockchain.com had earlier announced that it would be moving its US headquarters from New York to Miami. This shift would create around 300 new jobs in the city.
FTX crypto exchange has also been exploring the Miami market. The exchange engaged in an unconventional marketing strategy where it purchased the naming rights of the Miami Heat NBA team stadium.
The ‘Miami migration’ came when the largest Bitcoin event took place in the city. The Bitcoin2021 Conference attracted over 15,000 participants who all took part in discussions about the crypto market.
eToro is a popular crypto exchange based in Israel. The firm boasts of more than 19 million weekly visitors. According to Guy Hirsch, the US managing director for eToro, crypto firms and traditional finance firms were investing in Miami to leverage the immense opportunities in the city.
eToro has also been engaging in rigorous marketing activities to expand its operations and increase its customer base. Two months ago, the firm stated it would be going public after a SPAC merger. During the merger, the exchange had a valuation of $10 billion.
The exchange is also looking towards international sports sponsorship after collaborating with Racing League, a horse racing competition. It also bagged a three-year deal with a rugby team in Australia.
The firm has also been actively engaged in several crypto-related. The firm launched BitcoinWorldWide, a thematic stock portfolio modelled around the Bitcoin value chain. The portfolio would include firms engaging in mining operations, exchanges, and more.
Due to its endless efforts, the firm has recorded impressive growth results, with the number of new users who joined the platform in the first quarter of 2021 standing at more than 3 million users.