Despite the numerous promises of blockchain, the industry is still very much a Wild West---full of scammers and hackers looking to take advantage of naive crypto enthusiasts. For example, a study found that more than 80 percent of initial coin offerings, or ICOs, that took place in 2017 were scams.
To provide resources to Chicago's legitimate blockchain businesses, and to create a sense of community among the startups operating in the burgeoning industry, a new blockchain-focused co-working space has launched in the heart of Chicago's financial district.
Omnium, located at 111 W. Jackson, aims to offer workspace, consulting services, education, events and funding to local blockchain businesses. The 25,000 sq. ft. space, which held its official soft launch earlier this month, provides both flexible desk space and dedicated offices to blockchain entrepreneurs, said Omnium founder Kathleen Reilly.
Reilly, the former head of business development at Chicago-based BuildThis and the creator of Calling Crypto, a curated crypto resource directory, said Omnium's goal is to create a space where Chicago's blockchain community can work, connect and learn from one another.
"I thought a physical community could bring so much beauty to this space," she said.
So far the space has one anchor tenant---Beaxy, a Chicago-based crypto exchange that has about 15 employees. Reilly said Omnium is continuing to add members, and currently has about 60 desks and 5 office spaces available.
Omnium has an in-house investment fund that specializes in early-stage blockchain and cryptocurrency companies, and will also offer startups digital resources with information on navigating the blockchain industry, Reilly said.
Omnium aims to eliminate the fraudsters and the seedier aspects of the blockchain industry by requiring each of its members to sign a code of ethics before joining. Each member is also vetted by Omnium's advisory board before they're allowed to join.
"With blockchain right now, we're at this crazy inflection point where we don't know what the future will look like, but we know this technology can change it," Reilly said. "People are getting very smart in this technology, but also very smart in scamming by taking advantage of everyone's lack of knowledge. I’m out to … lessen that as much as humanly possible."
