Could Montreal Be the Next Global Crypto Hub?

What is Web3 Montreal?

The Web3 Montreal event came to be as a culmination of momentum that was building up amongst a network of crypto innovators in Montreal.

It all started with a tweet from Bo Lau that led to a few lunches. As the lunches continued, it became clear there were many interested parties, and that a larger event would be necessary to bring everyone together. This quickly became the Web3 Montreal mixer, which was hosted inside NOMAD’s artistic open-concept warehouse repurposed as a coworking and venue space. Patrons were greeted with a choice of glow-stick bracelets color-coordinated to identify their specific interests in Web3.

Why is Montreal Becoming a Hub for Crypto Builders?

Why is Montreal becoming a hub for crypto and web3? We posed this question to Nick Vyncke, head of analysis at DeFi Safety, who shared the following,

“Montreal has always been a tech capital of Canada,” he said.

“If I remember correctly, we have the second-most overall tech workers in the country. I believe this has led a lot of Web3 companies to either set up shop in Montreal, or hire a lot of their workforce from Montreal. We have great computer science, engineering, and business-focused programs, so it makes sense for DeFi/crypto/Web3. Also, some schools like ETS (École de technologie supérieure) will allow you to choose blockchain-related studies as a graduate (master’s) specialization.”

Vyncke went on to say the lower cost of living/operations makes Montreal a good target for businesses especially compared to higher-cost cities like Vancouver, Toronto or Ottawa. Even Hydro Quebec provides favorable energy costs for crypto miners and computationally-intensive activities.

“I also think that legislation has something to do with it,” he said.

Binance was banned from a lot of US states, and Ontario, too. Meanwhile, Quebec has included cryptocurrency ATMs and exchanges in the Québec’s Money-Services Business Act which is favorable for exchanges and crypto activity, in general. Paired with pretty clear regulations regarding crypto taxes, Quebec, in general, is pretty favorable for crypto-related ventures.

The crypto mining ban in China has also incentivized a lot of miners to go somewhere else, and the low costs of Quebec electricity has caused a lot of that traffic to come here. Canada, in general, also does a good job at embracing blockchain technology.

NFTs are also gaining a lot of traction in Montreal, and I think this is directly related to our amazing artistic culture. We embrace abstract art, and NFTs provide room for a lot of digital abstraction. This is why we’re seeing a lot of Montreal-based artists “dropping” NFT collections, NFT museums/galleries such as 0x Society, and more”.

Who Attended?

The Sponsors

All the sponsors of the Web3 Montreal event are Montreal-based companies, which included the following:

DeFi Safety

DeFi Safety was the main host and sponsor of the Web3 Montreal event. Their mission is to establish a standard for rating decentralized finance products to bring more transparency and security to the space, and are leaders in the industry.

Zapper

Zapper is a single web3 dashboard for managing all your DeFi, NFTs, and more in the emerging world of web3. They announced early access to the alpha version of their mobile app at the event.

Airfoil

Airfoil is an incubator that has supported 90+ founders in various industries, including web3.

Streamingfast (Devhouse and VC fund)

Streamingfast is a team of blockchain developers and investors focused on rapid growth in web3 and building scalable multi-chain infrastructure.

The Guests

The web3 Montreal event was open to companies, and individual web3 enthusiasts alike.

In attendance were the likes of Badger.io, AllianceDAO, DarkForest DAO, Play2Earn crypto-gaming industry experts, DeFi investment groups, and an international group of developers and enthusiasts.

Artists also had strong representation at the event. Web3 and NFTs are becoming well-known as infrastructure to bolster the creator-economy, and perhaps equally well-known is Montreal’s abundant artistic scene. Ideas for web3 infrastructure to support artists and artist onboarding were happening all in the same room.

A Milestone Event for Crypto in Canada

The evident outcome of the event was a renewed sense of the level of activity in Montreal’s crypto-web3 industry. With incubators, venture funds, developers, and entrepreneurs in attendance, a myriad of circles buzzed with elevator pitches, potential collaborations, and general camaraderie. The scene looked alive and well in the wake of the past successes of Montreal-based crypto startups like RugRadio, Figment, and Shakepay.

As stated by one of the event organizers, “We had an idea, but were surprised and impressed by the sheer scale and diversity of web3 players here in Montreal who are eager to innovate and connect with each other”.

The Future of Web3 in Montreal

Montreal is on the rise as a top cryptocurrency innovation hub with their active community of web3 developers, incubators, venture funds, artists, and a forward-thinking government.

With the culmination of the Web3 Montreal event, we may be seeing a sign of things to come for Montreal as it proves to be a place for companies and entrepreneurs looking to innovate in the crypto and web3 space.