Madeira: Where Blockchain Meets Paradise

Portugal's Emerging Tech Hub Fueled by Blockchain Madeira Blockchain 2023

Blockchain fuels Portugal’s tech hub Madeira Blockchain 2023.

Welcome to Madeira, the beautiful archipelago in Portugal where the sunsets are as stunning as the emerging technologies. While Madeira is known for its tourism, a new wave is taking over the island – a startup hub focused on cutting-edge technologies like blockchain and artificial intelligence. Imagine sipping a piña colada on the beach while discussing the future of digital assets. That’s the paradise Madeira offers to tech enthusiasts and investors alike.

The Madeira Blockchain Conference, a two-day event held at the Cultural and Research Center of Funchal, brought together the local tech community to network and discuss how blockchain can solve real-world problems. Think of it as a digital treasure hunt where these tech-savvy pirates are seeking the holy grail of innovation.

One of the key takeaways from the conference is how traditional gaming studios are siptoeing into the world of blockchain. These studios are like stealthy ninjas, silently embracing blockchain technology without making a fuss with Web3-related buzzwords. Why? Because gamers don’t care if it’s Web3 or blockchain; all they want is to own that awesome game skin and flaunt it like a pirate’s prized treasure. Redcatpig, a traditional game studio, knows this. CEO Marco Bettencourt cleverly avoided buzzwords and emphasized that players just want to own and sell their virtual goodies. Ahoy, mateys! In 2024, Redcatpig will sail into the blockchain ocean, launching its first game where nonfungible tokens (NFTs) and fiat or cryptocurrency can be traded like the treasures of Davy Jones’ locker.

Now, here’s a golden tip for startups raising funds: not all money is the same. Alexandre Mendes, the head of ventures and strategy at Subvisual, spilled the beans at the conference. Startups should have a clear strategy when seeking investors, considering factors like participation in governance and how to resist walking the plank when it comes to lockups and vesting. Mendes also challenged the idea that every project needs a token, saying, “We don’t always need a token.” In fact, many token projects have sunk to the depths without ever delivering a product. He’s got a point! Some startups focus so much on showcasing their technology that they forget they should be building a company, not just an eye-catching demo. Stay focused, me hearties!

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But why is Madeira becoming a haven for startups? It’s not just sunshine and sandy beaches. The region offers enticing incentives for tech companies. Madeira’s free trade zone provides tax benefits that would make any pirate captain smile. With one of the lowest corporate tax rates in the European Union and a capital gains tax exemption, it’s a treasure trove for startups. But shiver me timbers! Madeira is not an offshore haven, my friends. It operates under a set of regulations and guidelines to spur economic growth and create a sustainable tech ecosystem.

Speaking of sustainability, Madeira is also setting sail to optimize government operations and enhance the tourist experience. They’re developing a blockchain-powered payment network that allows tourists to load funds onto a single debit card for easy spending across the archipelago. No more fumbling through different currencies and exchange rates. It’s like having a treasure chest filled with digital gold that works seamlessly wherever you go. And that’s not all! The same card system will be used to distribute public benefits and scholarships to residents. It’s a win-win situation, showcasing the true potential of blockchain to make life better for everyone.

So, fellow adventurers and investors, pack your bags and set sail for Madeira, where blockchain meets paradise. Join the tech revolution on this enchanting island and be part of the future. Just remember to bring your sense of humor, because in Madeira, even the blockchain is fun!

Arrr you ready to explore this digital treasure trove? Drop your anchors in the comment section below and let’s set sail together!

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