How London’s historic docklands paved the way for fintech’s future

CryptoSlate Daily Crypto Newscast

“Standing on the stones” was the phrase to describe the last resort of the many desperate, hungry, unemployed London workers in the late nineteenth/early twentieth century. Men who had no fixed employment would rock up early in the morning, thronging in masses to await any possible job tickets that were dispensed two or three times a day. 150 years later, the London docks are the base for businesses at the interface of finance and technology. Today, fintech entrepreneurs stand on the stones of what remains of the beating heart of trade in the London Docks. Fintech workers like those at Level39 now find themselves “slamming the keys” as they work in offices high above the Docklands’ West Wood Quay, now called Canary Wharf. In doing so, these innovators continue the vibrant trade history of the London docks. Canary Wharf was named because the docklands’ primary trading partners were the Canary Islands, a Spanish group of islands 3,760 miles from London on the coast of West Africa. Curiously, the islands themselves were named after the large native dogs inhabiting the islands. Since the Docklands are located on the Isle of Dogs, it was only fitting to name them Canary Wharf. From 1802 to 1939, this area of London was one of the busiest docks in the world. Harking back to the time when innovation played a vital role in establishing the backbone of society, you can now see a return to these values as a new breed of fintech craftsmen embed themselves in the heart of Canary Wharf. Designed by world-famous architect, Cesar Pell, One Canada Square established Canary Wharf as a new financial centre. It was completed in 1991 and was initially the tallest skyscraper in London (it is now the third). It has been followed by another thirty skyscrapers that serve as residential and business establishments. Set on the 39th floor of One Canada Square in Canary Wharf, the eponymously-named Level39 is a prime example of how a company can successfully provide a space and community for tech startups and scaleups. Level39’s Ecosystem Development Manager, Nancy Gonzalez-Rivera, told CryptoSlate: “Over the past nine years, Level39 has grown significantly, now occupying 80,000 sq ft in One Canada Square and boasting a vibrant community of over 180 member companies, operating in fintech, cyber security, smart cities, green tech, and most recently, life sciences and medtech.” One Canada Square indisputably paved the way for establishing Canary Wharf as one of the main financial centers of the world. But it almost didn’t happen. A billion-dollar bet that almost went horribly wrong In the mid-80s London needed to build a new financial hub. At one point while One Canada Square was being constructed, the private group financing the construction was unsure whether establishing Canary Wharf would be a giant failure. The increasing construction costs and lack of an underground transportation line connecting it to the rest of London were the critical factors. The London financial scene had already changed in the mid-80s when deregulation of the stock exchange occurred and the market went digital; Canary Wharf was primed to address that reality in a way that would facilitate its role as not just a financial center, but the leading fintech center of the world. How Level39 provides fintech infrastructure Some of the biggest names in fintech which have made Level39 home have grown to become billion-dollar brands. Heavyweights such as Revolut and Etoro have helped it develop a strong reputation within the fintech and crypto communities. Of course, taking the leap towards entrepreneurship is not for the faint-hearted. Being associated with Level39’s infrastructure facilitates credibility and strength for the ambitious entrepreneurs diving head-first into the innovative and enigmatic waters of fintech, providing safe sailing to succeed. Research conducted by the Harvard Business Review found that people who co-work demonstrate higher levels of thriving than their co...