By Nancy Dahlberg
Blockchain.com, eToro, Borderless Capital, FTX, they have all announced Miami relocations or expansions in recent months. Now we have news from another leading player embracing the city, a rapidly growing hotbed of crypto and blockchain activity.
Today, together with Miami Mayor Francis Suarez at City Hall, BlockTower Capital, an institutional investment firm focused on cryptocurrency and blockchain technology, announced it is moving its headquarters from New York City to the Brickell area of Miami.
"Cryptocurrency and blockchain are here to stay. One in five Americans now hold a form of crypto. blockchain technology is now commonly being used for DeFi, NFTs and a host of other applications, and the traditional finance world is starting to invest in the space. BlockTower was a first mover, and as a preeminent institutional investment platform they will continue to lead the way. We're honored to have them call Miami home," said Mayor Francis Suarez, who has been pushing for the state's first financial regulations for cryptocurrency.
BlockTower said this will not just be another office for the firm. The entire company relocated at the beginning of June, including all employees, and BlockTower plans to expand and hire locally, bringing high-paying jobs to the local Miami job market, the firm said. The move comes on the heels of the company's recent acquisition of San Francisco-based crypto fund Gamma Point Capital, so the new HQ includes that team as well.
"Miami represents the intersection of important trends and values, not only for BlockTower as a company in our own business, but also for the world more broadly," said Matthew Goetz, BlockTower CEO, in a statement. "It's a special opportunity to base our firm in a place that so uniquely combines the best of the financial investment community and the tech innovation community, and we look forward to helping catalyze that ecosystem here with our brand and relationships across both the public and private sectors going forward."
BlockTower was founded in 2017, by Goetz, a former Goldman Sachs executive and engineer, and Ari Paul, a former University of Chicago Endowment portfolio manager and Susquehanna International Group trader. The firm manages capital for leading LPs.
As reasons for the relocation, BlockTower cited the city’s welcoming regulatory environment serving crypto innovation as well as the fact that both institutions and technologists are converging in the Magic City to build the decentralized web and the financial infrastructure. Indeed, Miami has been hot, and we aren’t just talking about the weather. In the past six weeks, the city has hosted a major Bitcoin conference, with 12,000 attendees and multiple satellite events around the city. In the same time period, Miami has handled relocations or office expansions for three crypto trading platforms, including one with arena naming rights, and a venture fund focused on the space. Plus, two of Miami’s blockchain startups have closed funding rounds: QuickNode and Securitize.
The Miami Downtown Development Authority was instrumental in bringing the company to Miami.
"Anytime a new-to-market company makes the move to Downtown Miami with plans to create high-wage jobs, that's a win for our city and the diversification of our economy," said Miami DDA Board Member and Pipeline Workspaces Co-Founder Philippe Houdard, in a statement. "BlockTower Capital's new headquarters in the Brickell Financial District will be home to a diverse and talented group of employees involved in all facets of investment management, computer engineering, and data analytics, creating new opportunities for our local workforce and helping to accelerate the growth of our finance and technology ecosystems."
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