Kain Warwick, Kieran Warwick, Fred Schebesta say Sydney is cryptocurrency leader

Leading Australian names in cryptocurrency say it’s become an advantage to be based here, with major projects attracting increased interest.

Sydney has emerged as a crypto capital.

Leading local figures in decentralised digital dollars say there is now a critical mass of projects and that international investors are more willing to back ventures after finding out they are based here.

“Sydney and Australia more broadly have definitely started to create these ecosystems,” said Synthetix founder Kain Warwick.

“Of the top 500 projects in the world, something like 20 are Australian-based.”

Mr Warwick — who has spent much of his life in the US — developed a cryptocurrency derivatives trading platform and now backs start-ups. His personal wealth was recently estimated at close to $1 billion.

Warwick brothers Kain (right) and Kieran, aboard Kain’s boat on Sydney Harbour. Picture: Toby Zerna

“A lot of the investors out there, if they find out the project is based in Australia, they see it as a bit of an advantage,” Mr Warwick told The Daily Telegraph.

That view was supported by his brother Kieran, who is building one of the most hotly anticipated crypto games, Illuvium, which was recently valued at more than $9 billion. Kieran’s Illuvium stake is worth about $630m.

The game is expected to launch later this year and attract 50 million players globally.

Fred Schebesta, often described as the ‘crypto king’ of Australia, told The Telegraph: “I think we are on the precipice of being a global leader”.

Mr Schebesta and the Warwicks debut in this year’s Sydney Power 100 rankings.

Fred Schebesta is a cryptocurrency advocate. Picture: The Daily Telegraph

While they don’t have influence over day-to-day life like a premier or prime minister, they do have growing international significance in a rapidly rising realm many say could rewrite the entire notion of money.

Also breaking into The Telegraph’s power list are the Roberts brothers, founders of Iris Energy, which is the world’s largest bitcoin ‘mining’ company.

Iris didn’t exist three years ago. Today it is listed on the Nasdaq stock exchange with a market value of more than $1 billion.

Iris uses cheap excess renewables to power the super computers that ‘mine’ new bitcoin.

Its main projects are in Canada, but the brothers are actively scouting for opportunities in Australia.

“It’s been bloody hard work,” Dan Roberts told The Telegraph for the Power 100.

The full rankings will be published this Friday, in print and online. More than a fifth of the names on the list are new.