San Francisco is actively embracing cryptocurrency, with several businesses in the city now accepting digital currencies and over 400 crypto ATMs available for residents and visitors alike. San Francisco’s Bay Area is also home to Ripple Labs, Chainlink Labs, Robinhood Markets, Compound Labs, the decentralized music streaming service Audius, BitGo, Near Protocol, and Oasis Labs.
According to Coincub, there are over 100 crypto-accepting businesses in San Francisco, with crypto-friendly banks like Kraken, Series FI, Anchorage Digital, and Juno Bank having headquarters in the city. San Francisco’s early embrace of cryptocurrency goes back to the inception of Bitcoin. The city served as a meeting place for some of the first crypto meetups and conferences. Even today, it remains a meetup place for crypto enthusiasts.
Moreover, San Francisco became home to one of the earliest retail establishments embracing Bitcoin, as 20Mission opened Nakamoto Electronics in 2015. The store is still operational and has led to the growth of many crypto startups, including Piper Wallet, Block-Chain.info, 37Coins, and Tradehill.
The US dominates North America’s crypto penetration and acceptance
The US is well ahead of Canada in North America, with more than 30 crypto banks based there. However, Canada is also doing well for itself having about five crypto banks including BlackBanx, Versa Bank, Ledn and Royal Bank of Canada.
Panterra Finance CEO, Sam McQuade, commented on North American adoption mentioning that in North America, the mix of innovation and regulatory challenges makes the crypto banking scene complicated. Despite the presence of many startups and major corporations pushing digital finance initiatives, the lack of clear regulations is still a key issue affecting global competitiveness.
The drive towards embracing crypto banking services reflects a broader ambition to lead in financial innovation, contingent upon a harmonized regulatory framework.
– Sam McQuade
Aside from San Francisco, Dallas, New York, Jersey City, Detroit, and San Diego are becoming more crypto-friendly. For instance, New York acts as the base for multiple crypto-friendly banks like JPMorgan Chase, Bank of New York Mellon, Bank of America, Goldman Sachs, and Safra Bank.
Recently, though, the rise of the AI sector has presented a challenge, drawing attention and resources away from crypto. Despite this, the crypto community in San Francisco continues to grow.
