Why Portugal is becoming a Hub for International Web3 Agencies

The Beginning of a Digital Transformation

It all started in 2017 when a group of tech entrepreneurs gathered in Lisbon for the Web Summit, one of the largest technology conferences in the world. They were impressed by the country's beautiful landscapes, affordable lifestyle, and the friendly attitudes of the local population. But most importantly, they saw it as a chance to create a tech ecosystem that rivals that of London and Berlin.

The Portuguese government has also played an important role in supporting the growth of its tech industry. It has implemented policies that favor entrepreneurs, startups, and foreign investment. In recent years, Portugal has established a business-friendly environment with low taxation options for tech companies, including a 50% tax reduction for individuals who move to Portugal to carry out research and development activities.

Attracting International Web3 Companies

The country has been attracting a growing number of international Web3 companies that are drawn to its vibrant tech scene, skilled workforce, and favorable tax policies. From blockchain to cryptocurrency development, Portugal is quickly emerging as a destination of choice for entrepreneurs looking to break into the international market.

One of the international Web3 companies that have set up shop in Portugal is Ocean Protocol, a blockchain project that allows for the creation and exchange of data tokens. The company was looking for a location with a skilled tech workforce, a friendly business environment, and strong infrastructure. Portugal ticked all the boxes.

Another Web3 company that has chosen Portugal as its base is Consensys Solutions. The company is a blockchain solutions provider that works with businesses and governments to develop blockchain-based applications. Consensys Solutions recognized that Portugal was a strategic location for expanding its operations in Southern Europe. The company has also praised the quality of its workforce, and the supportive and collaborative community of entrepreneurs.

The Growing Web3 Ecosystem in Portugal

Portugal's tech ecosystem is growing fast, and it has the potential to become a global center for Web3 innovation. The country is home to numerous incubators and accelerators, such as Startup Lisboa and Buildings, that support startups and entrepreneurs.

Portuguese startups have also been successful in securing funding and support from venture capitalists. For example, Talkdesk, a cloud-based contact center software provider, recently raised $143 million in funding, bringing its valuation to $3 billion. Meanwhile, Mindera, a software development company, raised $12 million in seed funding, demonstrating investors' confidence in Portugal's growing tech scene.

Conclusion

Portugal is quickly becoming a hub for international Web3 agencies. Its skilled workforce, supportive business environment, and strong infrastructure make it an attractive location for entrepreneurs and startups. Its growing tech ecosystem and success stories demonstrate its potential to become a global center for Web3 innovation. It's time for more businesses to explore the potential of Portugal and make the move to this beautiful country.