Meet Austin’s FinTech Scene: Why Texas’ Capital Might Become the Next FinTech Hub

Austin made headlines back in February when Elon Musk predicted that the city would become “the largest boomtown America has seen in 50 years.” While this prediction may have seemed surprising to many, the truth is that most VCs, entrepreneurs, companies and technology enthusiasts have been aware of this for some time. This is because Austin has become one of the largest tech hubs in the United States in recent years, especially when it comes to blockchain and fintech.

Less than a month ago, Austin hosted for the first time what has been one of the most important conferences in the cryptocurrency space since 2015: Consensus 2022. The city is also known for hosting the South by Southwest “SXSW”, Enterprise Digital Asset Summit, DCentral , ETH Austin, BitBlockBoom and many more. In addition to this, Austin is also home to companies such as Gemini, Core Scientific, Talos Digital and Scala.

When one thinks of these events and companies, it is easy to understand the reasons behind Musk’s prediction. Austin is a vibrant city where disruptive technology is not only welcome but has also been encouraged in recent years. Back in 2018, Wanchain’s President Dustin Byington already told Crunchbase:

“Austin is a natural – and currently budding – hub for cryptocurrency. It has a strong technology and start-up society, a large libertarian influence that cryptoethos is built on, and the macro trend of companies moving to Texas due to the lack of state income tax – which can really benefit this new industry. “

Well, Austin has only become more relevant in the technology industry since these comments, and now it seems to be just a matter of maintaining organic growth. Although the Bay Area is still the largest technology center in the United States after imprisoning top talent for years, this may change. The region’s inability to handle high housing / housing prices led to the influx of workers and companies changing direction over time, with telework being an important factor.

But what are the reasons that make Austin so attractive to the FinTech, Crypto and blockchain industries? This was one of the topics discussed in the “Meet Austin’s FinTech Scene” panel, which took place during the Grit Daily House at Consensus 2022. Axios ‘reporter Asher Price sat down with Henry Collective’s founder and general partner Tyler Knight and Silverton Partners’ managing partner Morgan Flags to talk about the city’s vibrant FinTech scene.

If you missed the chance to attend the Grit Daily House in person and hear what these experts have to say about the future of Austin as a FinTech center, do not worry. You will be able to see the panel in the video below and find our other panels on Grit Daily’s official YouTube channel.