Guide to San Francisco Bay Area – Cointelegraph Magazine

This “Crypto Metropolis” information appears on the San Francisco Bay Space’s crypto tradition, its most notable tasks and other people, its monetary infrastructure, which retailers settle for crypto, and the place you could find blockchain training programs. You actually would possibly go away your coronary heart in San Francisco with all of the tasks within the Bay Space.

Quick information

Metropolis: San Francisco

Nation: United States

Inhabitants: 887,711

Based: 1776

Language: English

Perceive

Although not essentially the most populated a part of California or the capital metropolis, the San Francisco Bay Space is well-known for its iconic cable vehicles, views of the Golden Gate Bridge, and Silicon Valley — each the tv collection and the real-life tech hub. Initially a Spanish colony and later a part of Mexico earlier than changing into a metropolis within the U.S. state of California, many residents stay in buildings greater than 100 years previous.

San Francisco is thought for its proximity to the San Andreas Fault, chargeable for a few of the most devastating earthquakes in U.S. historical past, together with one in 1906 that brought on fires that burned down giant sections of the town over a number of days. One other magnitude 6.9 quake hit the Bay Space in 1989, damaging the ​​Bay Bridge between the downtown space and Oakland.

As a result of many historic buildings and picturesque locations have endured regardless of the earthquakes — and close by Napa Valley and its wineries could assist — San Francisco attracts many vacationers from all around the world and has been the filming location for films too quite a few to say, together with The Rock, Mrs. Doubtfire and The Matrix Resurrections. Town additionally consists of the oldest Chinatown in North America, the previous navy base-turned-park Presidio, Golden Gate Park and the Mission District.

Neighboring cities are separated by the bay however are linked with a community of public transportation. Total, greater than 7 million folks stay within the space between the wine nation within the north and Silicon Valley within the south. Town faces challenges, together with one of many nation’s largest populations of unhoused people, the rising price of dwelling and different points widespread throughout giant city areas in the USA.

Crypto tradition

A tech hub lengthy earlier than the appearance of cryptocurrency in 2008, the Bay Space was a pure house for one of many earlier Bitcoin conferences. In San Jose in June 2013, now well-known crypto personalities together with Coinbase CEO Brian Armstrong and Bitcoin educator Andreas Antonopoulos spoke to attendees thinking about crypto at a time when the area was thought-about by many to be fringe. 

One of many earliest Bitcoin Meetups within the Bay Space occurred in January 2013, when organizers Ryan Singer and Jered Kenna — who would go on to co-found Chia Community and turn into the CEO of the Tradehill alternate, respectively — proposed setting apart the primary Tuesday of each month to debate the crypto asset. Different attendees reportedly included Kraken CEO Jesse Powell, Ripple Labs co-founder Jed McCaleb, Litecoin creator Charlie Lee, and Coinbase’s Fred Ehrsam and Armstrong.

“There have been quite a lot of cypherpunks at these early Bitcoin meetups that I went to,” said Armstrong in a 2021 interview with Initialized Capital founder Garry Tan. 

2013: San Jose Bitcoin convention the @coinbase sales space was manned simply by @brian_armstrong

2021: Coinbase goes public at a $100B market cap pic.twitter.com/wmGyHCb2u5

— Dan Held (In NYC) (@danheld) April 14, 2021

As a predominantly Democratic U.S. state, albeit one containing many conservative voters, California has had its share of lawmakers proposing each pro- and anti-crypto insurance policies because the area evolves. In 2022, the state’s Division of Monetary Safety and Innovation issued stop and desist orders in opposition to BlockFi, Voyager Digital and Celsius Community associated to allegedly providing unregistered securities. 

California’s Honest Political Practices Fee additionally lifted a ban first imposed in 2018, stopping candidates working for state and native workplaces from accepting donations in crypto. State Senator Sydney Kamlager introduced a bill in February proposing that lawmakers amend the state’s code to permit for the acceptance of cryptocurrencies for sure funds. 

On the state degree, Governor Gavin Newsom introduced in Might 2022 that he had signed an executive order aimed toward harmonizing a regulatory framework for blockchain between the U.S. authorities and California, in addition to spurring innovation within the area. The manager motion constructed upon President Joe Biden’s govt order on digital belongings signed in March.

CA is the primary state within the nation to start making a complete & harmonized framework for accountable blockchain expertise to thrive.⁰⁰We’re aiming to create a pipeline of expertise for the rising business & make the most of the expertise for public good. https://t.co/6Um0lJ9p1y

— Workplace of the Governor of California (@CAgovernor) May 4, 2022

The state perceived to be a battleground to look at within the 2022 midterm elections as pro-crypto candidates tried to unseat these opposed or impartial in regards to the area. Nonetheless, each pro-crypto candidates, Democrats Aarika Rhodes and Greg Tanaka did not win their primaries to characterize California’s thirtieth and sixteenth Congressional Districts within the U.S. Home of Representatives, respectively.

“So a lot of our elected leaders don’t help or perceive expertise,” Tanaka told Cointelegraph in April. “They throw rocks within the highway in entrance of it.”

The Bay Space has additionally hosts San Francisco Blockchain Week, blockchain convention d10e and the Converge22 Web3-focused convention in September.

Tasks and firms

One can be hard-pressed to call a serious tech agency that didn’t get its begin within the Bay Space or Silicon Valley. The realm is house to 3 headquarters out of the massive 4 tech companies, together with metaverse-adjacent social media agency Meta, which rebranded from Fb in October 2021. Social media platform Twitter and blockchain-focused funds agency Block even have their headquarters there, as do PayPal, Visa and Money App.

As well as, many main cryptocurrency or crypto-adjacent tasks likewise started within the tech hub, presumably because of the excessive density of expertise. Coinbase made an early look on the San Jose Bitcoin Convention in 2013, the place CEO Brian Armstrong personally attended to friends approaching the sales space. The Bay Space can be house to the headquarters for Ripple Labs, Chainlink Labs, Robinhood Markets, Compound Labs, decentralized music streaming service Audius, crypto hedge fund supervisor BitBull Capital, dYdX, Courageous Software program, Lightning community developer Lightning Labs, Hyperledger Basis, Andreessen Horowitz, Abra, Earnity, Anchorage Digital, Layer1, crypto and blockchain-focused funding fund Pantera Capital, NuCypher, blockchain ecosystem Rally, Aptos Labs, Scalar Capital, BitGo, Stellar Improvement Basis, BlockCypher, Framework Ventures, Securitize, Oasis Labs, Close to Protocol, Protocol Labs and CipherTrace in addition to native branches of Galaxy Digital, Gemini, Bitfury, Nium, MakerDAO, Solana Labs and crypto miner Crusoe Vitality Techniques.

20Mission, a co-working area in San Francisco’s Mission District, opened one of many earliest retail shops that accepted Bitcoin in 2015 known as Nakamoto’s electronics. Nonetheless in use right now, the artwork and expertise creator hub was house to many crypto-related startups, together with Block-Chain.information, 37Coins, Tradehill, Piper Pockets and Purse.io. Crypto Fort, an workplace and co-living area that was as soon as house to crypto​ entrepreneur Jeremy Gardner, was situated within the metropolis’s Potrero Hill district and hosted various crypto and blockchain tasks.

Bitcoin ATMs

In case you had been questioning what a #Bitcoin ATM appears like, right here’s a peek of the one at @hackerdojo. pic.twitter.com/eeiBf8C9VB

— Mountain View Voice (@mvvoice) March 29, 2014

Monetary infrastructure

In March 2014, a neighborhood tech heart named Hacker Dojo put in the primary Bitcoin ATM within the San Francisco Bay Space in Mountain View. The set up of the ATM, operated by Robocoin, was adopted by one other on the Workshop Cafe of San Francisco’s Monetary District later that yr. In response to knowledge from CoinATMRadar, there are roughly 469 crypto ATMs within the San Francisco Bay Space, operated by corporations, corresponding to Coin Cloud, CoinFlip and Bitcoin Depot. 

The place can I spend crypto?

Crypto as a medium of alternate hasn’t reached mainstream ranges of adoption within the U.S., however there are greater than 100 companies in San Francisco that settle for Bitcoin and different tokens for funds in keeping with Coinmap. These embody eating places, bookstores and even optometrists’ workplaces. 

Throughout the Bay Space, retailers together with Starbucks, Entire Meals and others settle for crypto funds via third-party apps. As well as, residents and employees in Silicon Valley can spend their crypto at greater than 50 companies within the space. Although seemingly providing solely funds in fiat and thru third-party apps, Meta opened a brick-and-mortar retail retailer in Burlingame in Might, which provides {hardware} for its metaverse ambitions.

Schooling

San Francisco State College provides a “blockchain bootcamp” via its Lam Household School of Enterprise and not too long ago collaborated with Ripple Labs and the Warsaw College of Know-how to permit college students to develop blockchain-based options to tasks, together with provide chain tracing and the commercialization of art work. 

Throughout the Bay, the College of California, Berkeley at present has a student-run blockchain innovation hub for consulting, training and analysis. Stanford’s Heart for Blockchain Analysis held its fifth blockchain convention in August 2022. The Palo Alto-based college provides programs on blockchain and cryptocurrency via its Faculty of Engineering for the autumn semester, whereas within the metropolis, the College of San Francisco lets college students study blockchain via its School of Arts and Sciences.

“The potential utility for Bitcoin-like applied sciences is gigantic,” says the Stanford course description.

Controversies and collapses

In 2013, authorities arrested Ross Ulbricht, creator of the notorious darknet market Silk Street, at a San Francisco Public Library. Federal Bureau of Investigation specialist Christopher Tarbell led the workforce, which tracked down Ulbricht utilizing VPN server information similar to an web cafe within the metropolis the place he had additionally logged into his Gmail account. The knowledge finally led to the arrest of the “Dread Pirate Roberts” and the eventual finish of Silk Street. Ulbricht is at present serving two life sentences with out the opportunity of parole.

Although not compelled to close down by extreme rules or orders from legislation enforcement, crypto alternate Kraken unexpectedly shuttered its San Francisco workplace in April 2022. CEO Jesse Powell said the company’s headquarters on Market Street was closed following complaints that “quite a few workers had been attacked, harassed and robbed on their option to and from the workplace.” Coinbase additionally announced plans to shut down its San Francisco headquarters in 2022, however as a part of an effort to go distant moderately than as a consequence of threats whereas commuting.

Notable figures within the San Francisco Bay Space

Bitcoin core developer and Blockstream co-founder Pieter Wuille; Meta CEO Mark Zuckerberg; Solana co-founder Anatoly Yakovenko; Audius CEO and co-founder Roneil Rumburg; BitBull Capital CEO Joe DiPasquale; Pantera Capital head of investor relations Kerry Wong; Pantera CEO and Bitstamp chair Dan Morehead; Robinhood co-founder Vlad Tenev; Ripple Labs chief technical officer David Schwartz; Ripple CEO Brad Garlinghouse; Ripple co-founder Chris Larsen; Coinbase chief working officer and president Emilie Choi; Framework Ventures co-founder Michael Anderson; Crypto Council for Innovation CEO Sheila Warren; Rally co-founder Kevin Chou; Coinbase co-founder and Paradigm co-founder Fred Ehrsam; Courageous Software program CEO Brendan Eich; Scalar Capital co-founder and managing director Linda Xie; Earnity co-founder and CEO Dan Schatt; Coinbase board member Kathryn Haun; former Twitter CEO and present “Block Head” Jack Dorsey; dYdX founder and CEO Antonio Juliano; BitGo CEO Mike Belshe; Andreessen Horowitz co-founder Marc Andreessen; Oasis Labs co-founder and CEO Daybreak Tune; Compound Labs founder Robert Leshner; Protocol Labs founder and CEO Juan Benet; PayPal co-founder and crypto investor Peter Thiel; Ripple Labs and Stellar Improvement Basis co-founder Jed McCaleb; Stellar Improvement Basis CEO Denelle Dixon; crypto and tech investor Tim Draper; Visa head of crypto Cuy Sheffield; Abra founder and CEO Invoice Barhydt; CipherTrade CEO David Jevans; former Tradehill CEO and present CEO of 20Mission Jered Kenna; Cointelegraph workforce members: Rachel Wolfson.

Your complete @Ripple C++ workforce is in San Francisco. Right here’s @JoelKatz, together with some new $XRP swag. pic.twitter.com/eMxlPkEzwT

— ? ? ? ? (@nbougalis) December 13, 2017

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