The Vibrant Crypto Culture and Projects in Sydney

Sydney’s Crypto Culture

Sydney has been at the forefront of the crypto movement, with active blockchain communities and regular meetups. Blockchain Sydney and Blockchain Professionals have been organizing meetups since 2013 and 2014, respectively. These meetups provide a platform for crypto enthusiasts and industry players to network and discuss the latest developments in the space.

Other popular meetups in Sydney include Bitcoin Sydney, Hyperledger Sydney, and Sydney AI Web3. These events provide opportunities for knowledge sharing and collaboration within the crypto community.

As the financial hub of Australia, Sydney is also home to a thriving startup culture. Many crypto and fintech startups are based in co-working spaces and innovation centers, such as Stone & Chalk and the Web3 Innovation Centre. These spaces foster innovation and provide support for blockchain entrepreneurs.

Sydney’s Crypto Projects and Companies

Sydney is a hotbed of crypto innovation, with a diverse range of projects and companies shaping the industry. Notable projects include:

• Zed Run: A popular NFT horse racing and betting game developed by Virtually Human Studios.
• StepN: An app developed by Find Satoshi Labs that allows users to earn crypto by exercising.
• Illuvium and Immutable: Decentralized gaming companies that leverage blockchain technology.
• Synthetix: An Ethereum-based token trading platform with significant parts of its operation based in Sydney.
• Independent Reserve and CryptoSpend: Centralized exchanges that enable users to trade cryptocurrencies.
• Redbelly Network: A blockchain network developed at Sydney University for secure and scalable distributed computing.

In addition to these projects, Sydney is home to various blockchain development and advisory firms, such as Block8, Smart Token Labs, and Soulbound. The city also hosts prominent crypto exchange Coinbase’s APAC office.

Sydney’s Financial Infrastructure

Sydney has a thriving crypto ecosystem with a significant number of Bitcoin ATMs and local cryptocurrency exchanges. There are over 100 Bitcoin ATMs located in the central business district and outer suburbs of Sydney, allowing users to easily buy and sell cryptocurrencies.

Local cryptocurrency exchanges, including CoinJar, Crypto.com, and CoinSpot, provide users with access to a wide range of digital assets. Some of these exchanges also offer debit cards that allow users to spend their crypto directly or receive cashback in crypto.

While crypto payments are not widely accepted in physical stores in Sydney, there are still a handful of venues where you can spend your digital currencies. These include cafes like Cat and Cow Coffee and Bitcoin Rocket Cafe, as well as online stores like Boardworld and Retro Girl.

Controversies and Collapses

Sydney has had its fair share of controversies and collapses in the crypto space. One notable example is the Australian Securities Exchange’s (ASX) failed attempt to implement a blockchain-based clearing and settlements system. After several delays and a significant investment of $170 million, the project was ultimately abandoned.

The Australian Securities and Investments Commission (ASIC) has also taken enforcement actions against crypto businesses in Sydney. ASIC has filed lawsuits against Block Earner and comparison website Finder, alleging that these companies offered unauthorized crypto-related financial products.

Sydney has also witnessed the rise and fall of various crypto schemes and fraudulent activities. One infamous case is the BitConnect Ponzi scheme, for which a Sydney-based promotor, John Biggaton, faced charges from ASIC. There have also been instances of crypto theft and alleged Ponzi schemes, highlighting the importance of caution and due diligence in the crypto space.

Crypto Education in Sydney

Several educational institutions in Sydney offer courses and units of study on blockchain and cryptocurrency. The University of Sydney, the University of Technology Sydney (UTS), and the University of New South Wales (UNSW) have incorporated blockchain-related topics into their curriculum.

For example, the University of Sydney offers a unit on “Cryptocurrency Markets and Investments” and a course on blockchains and cryptography as part of its Master of Cybersecurity program. UTS offers a free online course on the basics of blockchain technology, and UNSW provides postgraduate and undergraduate courses on “Web3 and Blockchain Applications.”

In addition to formal education, Sydney is home to various student-led societies and clubs focused on cryptocurrency and blockchain. These organizations, such as the University Network for Cryptocurrency and Blockchain, provide networking opportunities and organize events to foster knowledge sharing among students and industry professionals.

Notable Figures in Sydney’s Crypto Scene

Sydney is home to many notable figures in the crypto industry. These include:

• Kain Warwick: Founder of Synthetix, a leading decentralized token trading platform.
• Fred Schebesta: Co-founder of Finder and owner of the Crypto Castle in Coogee.
• Mark Monfort: Co-founder of the Australian DeFi Association and organizer of web3 events in Sydney.
• Adrian Przelozny: Co-founder of Independent Reserve, a popular cryptocurrency exchange.
• Chris Laurent: Co-founder of Virtually Human Studios and creator of Zed Run.
• Adriana Belotti: Governance Manager at the Algorand Foundation.

These individuals have made significant contributions to the crypto industry and are actively involved in shaping the development of blockchain technology in Sydney.

Editor’s Notes