Qubic Labs, the Quincy Fintech Hub Behind Boston Blockchain Week, Shuts Down

Qubic Labs, the Quincy-based fintech nonprofit that organized Boston Blockchain Week, is shutting down after seven years, its co-founders announced in a letter on Oct. 30, 2026, the Boston Business Journal reported. The closure follows months of public warnings about money: the organization’s state grant funding ran out late last year, a follow-up state grant was denied this summer, and a community fundraising appeal brought in only a small fraction of what it needed. Co-founders Ian Cain and John O’Keeffe will continue with personal investment projects, according to the report, which was syndicated by NBC Boston.

Key figures: Founded 2019 in Quincy Center · 7 years in operation · portfolio of 70+ companies · about $40M raised by supported companies · $1.9M MassTech grant in 2022 · $600K in founder grants

What Qubic Built

Qubic Labs opened in 2019 in a roughly 14,000-square-foot office in Quincy Center donated by FoxRock Properties, the real estate firm led by Rob Hale, The Boston Globe reported in August. It ran as a nonprofit hub for financial technology and blockchain startups, with office space, accelerator programs and grants for founders.

The group said it built a portfolio of more than 70 companies over seven years, according to the Business Journal. The Globe reported that the companies Qubic supported had raised about $40 million. One portfolio company, Blockwise Advisors, led a blockchain-based municipal bond with the city of Quincy in 2024.

In 2022 Qubic took over Boston Blockchain Week from Pillar VC and turned it into its signature event. The 2026 edition ran Sept. 8 to 10 and was a break-even event, the Globe reported, meaning it did not generate a surplus that could fund the rest of the organization.

Where the Money Ran Out

Qubic’s largest single source of support was the Massachusetts Technology Collaborative, the quasi-public state agency known as MassTech. A $1.9 million grant in 2022 funded about $600,000 in grants to founders and two 12-week accelerator programs, according to the Globe. That money was spent by late 2025.

This summer the organization applied for another MassTech grant and was turned down because it had already received one, the Globe reported. Banking Dive reported at the time on a related $10 million commitment from the city of Quincy. Qubic then launched a public appeal. It raised a five-figure sum, while the organization’s shortfall was in the seven to eight figures, according to the Globe.

By the Numbers: A Small Base for a Large Gap

Our analysis (TBR calculations) puts the numbers side by side. The 2022 MassTech grant works out to about $271,000 a year over Qubic’s seven years, or roughly $27,000 for each of the 70-plus portfolio companies over the life of the program. The $600,000 in founder grants equals about 1.5% of the roughly $40 million those companies went on to raise. And even a high five-figure appeal, under $100,000, would have covered less than 10% of a shortfall that started at $1 million, the low end of the seven-figure range reported.

What It Means for Quincy and Boston Fintech

Qubic was a fintech startup hub based outside Boston and Cambridge, and its closure removes a startup anchor from Quincy Center. The city has been testing other civic projects in that area, including the municipal broadband plan it paused this month. It was not immediately clear what will happen to the donated office space or to Boston Blockchain Week in 2027.

For the wider Massachusetts startup scene, the shutdown is a reminder of how much early-stage support depends on state grants and donated space. Our list of major artificial intelligence companies and organizations in Massachusetts covers other hubs in the state, and more local company news is on our Boston business news hub.

What to watch next: whether another organizer picks up Boston Blockchain Week, whether the Quincy Center space finds a new startup tenant, and whether MassTech changes its rules on repeat grants for nonprofit incubators.

Reactions

In August, while the funding appeal was under way, Cain told the Globe, “We’ll continue either way.” The co-founders’ Oct. 30 letter announced the closure instead.

Sources

• Boston Business Journal: Qubic Labs shuts down (Oct. 30, 2026)
• NBC Boston / BBJ: Boston Blockchain Week organizer Qubic shuts
• The Boston Globe: Qubic Labs and Boston Blockchain Week (Aug. 24, 2026)
• Banking Dive: Boston fintech incubator Qubic seeks funding boost