May 28, 2023

Media: Funding for Miami crypto startups fell by 92%

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Media: Funding for Miami crypto startups fell by 92%

Venture capital investments in crypto projects in Florida's capital city decreased by 92% in the first quarter of the year, while funding for start-ups from Silicon Valley fell by 53%.

According to observers, the fall in investmentinterest in crypto projects in Miami was partly due to the slowdown and scandals in the crypto industry in the United States. Which was once so strong in Miami that the city installed a version of the charging bull statue from Wall Street in the central square, but with lasers from the eyes.

In response to the decline in cryptocurrency fundingprojects, a significant number of technical specialists and Miami companies began to turn off this direction, devoting much less time to cryptography and digital assets. Projects related to artificial intelligence, defense and technologies of the real sector of the economy came to the fore. For example, in the plans of the venture investment company Countdown Capital, which has actively invested in crypto startups in recent years, this year the cryptocurrency is not even mentioned.

Miami Mayor Francis Suarez has repeatedly said
on the readiness of the state capital to become the capitalcryptocurrencies and the deep penetration of the digital asset industry into all areas of activity. The official promised measures to attract crypto entrepreneurs and actively implemented
bitcoins into the local economy through nightclubs andmortgage credit lending. Before its bankruptcy, FTX, one of the largest cryptocurrency exchanges in the world, announced plans to create a representative office in the city, and also became a sponsor of the basketball team and the Miami Heat stadium.