Last Thursday, the Omni Providence welcomed both state government officials and around 100 blockchain company leaders to talk about the technology and how Rhode Island would be a welcome place to grow business based around it.
Currently, there are no blockchain companies in the state — although a burgeoning interest in the technology — and the government wants to change that.
"We don't shy away from being first, being early, being innovative," said Gov. Gina Raimondo, who was among the event's speakers. "We are absolutely open for business, and we want to work with you guys."
House Speaker Nicholas Mattiello; Commerce Secretary Stefan Pryor; Department of Business Regulation Liz Tanner; former Providence Mayor Joseph Paolino Jr.; and former House Speaker John Harwood also spoke in favor of getting blockchain organizations in the door.
One way the said they'd try to do that was working with industry leaders when establishing regulations for the technology.
"We want to make sure we're not New York or Washington," said Tanner.
The Providence Journal spoke with attendees after the event, who said they were impressed with the state's efforts to court them.
"I'm a fan of the state of Rhode Island for being so bold and open to business," Jeff Pulver, vice chairman of Alchemist, a New York-based investment company, told the Providence Journal. "You no longer need to apologize for being a small state because you're big in vision."
Alchemist's CEO Steven Nerayoff added that Rhode Island had a lot going for it for businesses, like themselves, interested in finding a new home base. There's the robust STEM pipeline for students in the state, as well as its position between hubs like Boston and New York.
Additionally, the industry is looking for a place where it can thrive without regulatory handcuffs, Nerayoff elaborated in the Providence Journal report.
"It's important that there's a safe home for blockchain companies," he said.
Should blockchain companies decide Rhode Island is the place for it, they wouldn't be the first to make a move to the Ocean State. 27 other companies have utilized the state's Qualified Jobs Tax Credit Program to either move to or expand, such as EpiVax, Johnson & Johnson and most recently, Rubius Therapeutics.
