Chicago Bitcoin Center: Chicago’s Bitcoin Incubator

Chicago Bitcoin Center: Chicago’s Bitcoin Incubator

Bitcoin is growing. Adoption rates are rising in every major city and Bitcoin business keep popping up in those cities. Cryptocurrency and financial tech are capitalizing globally. This precedence is taking place in the city of Chicago at a vast rate. Chicago is home to 4,300 financial trading businesses and generates close to one quarter of the world’s derivative trading volume. On July 11, Chicago’s Bitcoin Center added a bitcoin-focused incubator launched at 1871.

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“The viability of digital currency is increasing.” ~ Howard Tullman, CEO of 1871


Established in January, The Bitcoin Center will engage with startups that are in tune with blockchain technology, “which provide a secure and trusted network for transmitting and transferring bitcoin and other forms of value,” founder and CEO Matthew Roszak said. The newly formed incubator has backing by many leaders of the financial tech ecosystem.

Companies backing the center include Roszak’s own Chicago-based business, Tally Capital, as well ass DRW Trading, Chicago Ventures, and the Washington-based Chamber of Digital Commerce. Roszak’s Tally Capital is a firm dedicated to blockchain, and Bitcoin investments. With a massive growth of $904 million in financial tech growth, Chicago’s sights are set on the digital currency. The center’s site reads:

“Anyone who is interested in the future of Bitcoin, Digital Currencies, and Blockchain Technology is encouraged to attend – New Users and Professionals are all welcome!”

The Bitcoin Center has regular meetings at the Chicago House of Blues, and 1871. Howard Tullman, CEO of 1871 told the local tribune, “the viability of digital currency is increasing.” He also said that 1871 now accepts payments in bitcoin, but “we’ll be rushing to the bank to convert it to dollars,” since some investors are afraid of the currency’s stability.
Tullman also spoke about Citicoin, Citibank’s venture into the blockchain world. Tullman said:

“When you have the biggest banks in the world starting to acknowledge that this is a viable currency and everybody has to be involved in it, we think it’s going to have implications for our companies”

With financial tech growing in Chicago at rapid speeds, Bitcoin seems to be finding a natural habitat in the city. With companies such as Fundology, Kahuna accounting, and Bolstr, FinTech businesses in the area are taking over in great strides. Tally Capital and 1871 are no different — focusing on investing in the digital currency ecosystem. Tally Capital has invested in several leading crypto companies, including: BitFury, BitGo, GoCoin, Kraken and Xapo.
How would you rate Chicago as far as Bitcoin adoption is concerned? Let us know in the comments below!
 
Images: Shutterstock, Crypto-Graphics.com