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Austin kicks off SXSW by announcing crypto-friendly initiatives

(Pexels)

Heading into the start of SXSW, Mayor Steve Adler made a pitch for the city to become more crypto-friendly.


“In Austin we are thinking big and bold and want to live up to the moniker of being the city where good ideas go to become real,” Adler said.

Specifically, the city will look into the launch of an Austin-based crypto coin, which cities like Miami have, as well as a startup accelerator to encourage entrepreneurs with interest in Web3.

Later this month, city council will review two crypto-related resolutions. One calls for the city manager to investigate applications for crypto in the city such as ways to accept it as payment. Another encourages the city to become a leader in Web3 tech.

People in the local crypto scene celebrated the possibility of city leaders and other officials becoming more engaged.

Ryan McNutt, co-founder of local crypto group Sphere DAO referenced a gathering last month where crypto enthusiasts talked to politicians about their ideas and plans.

“I think the more we have those sessions, the better,” McNutt said. “I hadn’t heard this Mayor Adler thing, but I think that’s incredible. I would imagine more of that stuff will come down the pipeline, which is extremely exciting. It makes me feel really happy to live here.”

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