Silicon Valley was the second-highest ranked U.S. hub in CoinDesk's Crypto Hubs 2023. Several of the eight criteria were measured on a national basis, so all the U.S. hubs were hampered by a middling crypto regulatory score, a drivers criteria, which at 35% was the most heavily weighted overall. This poor performance was partially offset by the U.S.’s high crypto adoption score, another drivers criterion, represented 10% of the overall score. Among the U.S.
Silicon Valley does not need advertising as a launchpad for the world’s most successful tech companies, like Google, Apple, Facebook – you name it. And it’s been home for some crypto startups, too, including blockchain analytics company CipherTrace and stablecoin issuer MakerDAO. The Valley, centered on the city of San Jose about 55 miles southeast of San Francisco, offers an unprecedented concentration of top tech talent, historically supplied by local world-class universities including Stanford. It is also a center of venture capital, with giants like Andreesen Horowitz , Sequoia Capital and Lightspeed Venture Partners that have been systematically supporting crypto startups.
“For those looking for VC funding for crypto, the Valley is almost closed,” says Gene Hoffman, CEO and president of Chia, the company behind the namesake blockchain.out of the more established, “traditional” tech firms like Google, Amazon or Apple, but now, the industry doesn’t look as hot for the VCs and entrepreneurs here.
The reason? Artificial-intelligence startups are stealing thunder. And the recent SEC offensive against crypto, including investigations of the major global exchanges
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