Vancouver has long been seen as a city that is known for both technological innovation and entrepreneurial spirit. In 2025, the city is increasingly embracing cryptocurrencies, particularly Bitcoin, as they become vital parts of both its financial and technological makeup. The adoption of crypto can be seen across a range of sectors, including private enterprise, municipal governance, and the growing blockchain startup industry.
As you read on, we’ll be taking a closer look at how crypto has been adopted in the city. As well as looking at the industries that have taken this onboard, we’ll also be considering some of the challenges that are yet to be overcome.
Municipal Initiatives and Leadership
It was in December 2024 that the mayor of Vancouver, Ken Sim, introduced a motion that comes with a fairly wordy title. This was called, “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin Friendly City”. The proposal in this motion is based on exploring how Bitcoin can be integrated into the city’s financial operations. This potentially means allowing for the acceptance of taxes and fees in Bitcoin as well as converting a set amount of the city’s financial reserves into cryptocurrency.
To bolster support, the Mayor emphasised how well Bitcoin had performed over the last 16 years. While volatility can’t be ignored, the argument is that Bitcoin has demonstrated that it is a reliable asset and has potential to hedge against inflation and currency devaluation. The motion means that city staff are now tasked with assessing just how feasible all of this is. That means looking at any risks and benefits that an integration may bring, and a full report is expected by the end of March 2025.
Private Sector Adoption
When looking at the private sector in Vancouver, it can be seen that it has been highly proactive in terms of integrating crypto into its operations. The city is undoubtedly a vibrant community that’s made up of blockchain and cryptocurrency companies. This contributes to making the city
a true hub for digital innovation. Some of the top players on the scene include Dapper Labs, which created CryptoKitties and NBA Top Shot, and HIVE Blockchain Technologies that is bridging the gap between blockchain technologies and traditional capital markets.
There’s also the gambling sector to consider here. The embracing of crypto in the city means that an eth casino is now commonplace rather than being out of the ordinary. Of course, it’s not just Ethereum that’s being used here. It’s also the likes of Bitcoin, Litecoin, and USDT. Operators have realised the advantages that digital currency offers, to both them and players, and have pushed forward with its adoption.
Blockchain Startups and Innovation
Vancouver seems to be having a kind of love affair with crypto and all things blockchain related. There has been a huge surge in the number of blockchain startups and this has led to a boost to what can only be described as an innovative environment. Companies like Covalent are providing decentralised storage APIs for blockchain networks. They offer tools and algorithms for infrastructure development for enterprises and developers. Then there is LayerZero Labs Canada Inc. This company focuses on omnichain interoperability protocols that allow secure movement of messages and tokens across multiple blockchains. This does away with the need for asset wrapping or middle chains.
These startups are benefiting from the fact that there is a supportive ecosystem in place. This includes support from venture capital firms like Version One Ventures, which is based in the city. This company was founded by Boris Wertz and is known for investing in early stage startups. This is in sectors such as SaaS, marketplace, crypto, fintech, and healthcare. In their investment portfolio, you’ll find the likes of Uniswap which is a decentralised trading protocol. This highlights Version One Ventures’ commitment to innovation in crypto and blockchain as a whole.
Community Engagement and Cultural Integration
Crypto and its integration into the tech industry in Vancouver is not just linked to corporate and government initiatives. In reality, this rolls out right into the surrounding community. The city has more than 60 Bitcoin ATMs and this makes the digital currency extremely accessible to the general public, including tourists. There are also educational workshops and meetups held on a regular basis that have a focus on everything related to crypto and blockchain. These help to increase knowledge across the population and this leads to more widespread adoption. It has proven a great way to demystify the topics and to get everyone involved.
Vancouver’s diverse and multicultural population has also contributed to the unique blend of views of the adoption of cryptocurrency. The city has shown an openness to new ideas and technologies, and this has created an environment where digital currencies have gone beyond just being accepted and have reached a point where they’re seen as vital tools for financial inclusion and innovation. This cultural integration can be seen in various community initiatives that promote the use of crypto in the likes of charitable activities, local commerce, and peer-to-peer transactions.
Challenges and Considerations
While there is certainly positive momentum when it comes to the adoption of crypto in Vancouver’s tech industry, there are also challenges to be faced. One of the biggest concerns that critics have is around volatility. This has been demonstrated on a regular basis by Bitcoin which can be seen to reach record highs before market corrections bring it crashing down. That being said, recent times have seen these swings lessen and there is far more confidence in Bitcoin retaining its value. There are also concerns around regulations and the impact on the environment. The latter has been addressed by emerging cryptos that have moved away from a proof-of-work protocol to a proof-of-stake one. This is far less energy intensive when it comes to mining.
When the city council held meetings, these were just some of the challenges that were raised. It is now time for these issues to be fully debated so that a clear decision can be reached that is backed by nothing but facts.
The city is also cautious based on past events. The collapse of QuadrugaCZ, which was a Vancouver-based crypto exchange, faced huge issues from legal challenges and financial turmoil followed. This goes to highlight how important it is to get the regulatory framework right before pushing ahead with plans. This will lead to much greater protections for all involved.
What the Future Holds
Vancouver’s tech industry is likely to move forward and further integrate cryptocurrencies into financial and operational frameworks. The proactive stance taken by the city shows that it is a true leader when it comes to digital currency and the changes that the world is witnessing.
With the government, private enterprise, and the public all benefiting from how far moves have gone so far, it makes sense for the next step to be taken and for cryptocurrency to be fully embraced. As long as the appropriate regulations can be put in place, and environmental issues can be addressed, there is no reason why Vancouver won’t reap the benefits that crypto has to offer as it becomes the focal point of the crypto world.