Thousands of cryptocurrency enthusiasts have traveled to the crypto and blockchain hub, Miami Florida. The city has built a reputation as one of the key locations to develop the blockchain technology despite its underdog status.

Dozens of companies are using the Bitcoin 2022 conference running Wednesday through Saturday as a venue to network, pitch ideas and share announcements to the industry and beyond.

New York City and Silicon Valley continued to lead in funding raised by blockchain startups in 2021, with $6.5 billion and $3.9 billion. But Miami is now tied with Los Angeles, where firms pulled in more than $760 million in funding, according to market research firm CB Insights.

Cryptocurrency exchange FTX bought the naming rights for the NBA arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the hip Wynwood district, where other tech firms and investors are setting up shop as well.