It appears New York has not lost its confidence in crypto having reportedly made a series of moves to indicate its support for the distributed ledger technology (a platform were Bitcoin (BTC), and other digital currencies run on). Even after the unexpected crash of the crypto market last year, the state of New York does not seem to consider giving up on having cryptocurrency as an option.
Bitcoin (BTC) Price Today – BTC / USD
New York to Carry on With Blockchain Center Opening Amidst Bear Sentiment
The department of the Economic Development Corporation in New York has gone on to announce the official opening of its Blockchain Center in Manhattan on Thursday. The new Blockchain center will partner with affiliates of Venture-Capital fund Futures, Perfect Ventures and the Global Blockchain Business Council, a trade organization. As per the report New York is hoping to begin running tests on the Blockchain technology by fall.
After the crypto market saw a horrible price fall that nearly reached 90℅ last year, it is undoubtedly a difficult period for the industry. Consequently, it is hard for the sector industry to meet up with the fundamentals of the current framework. Many workers have been forced to discontinue working and in some cases shut down because the company has no way forward when it comes to funding.
Some companies have also stopped operations until a later time. This situation makes data sharing a lot easier and accountable for more than one party. Walmart Inc. has already initiated this technology. According to the report, the EDC’s Chief Strategy Officer Ana Arino said via a telephone interview:
“We are playing the long game.” According to him, the technology is a long game. He calls it a new technology with a positive future and strong potential to change the current system of things (although he also believes uncertainties are not out of consideration in the new technology).
New Silicon Alley Blockchain Center to Offer Coding Classes for the General Public
The New Silicon Alley Blockchain center measures up to 4,000-square-foot, located at 54 W. 21st St. in the Flatiron District in the center of the city’s Silicon Alley. Some of the services designed by the center include coding classes to lunch lectures for software developers to the public. Some of the occupants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.
Why Blockchain’s Best Days Aren’t Here Yet
In 2018, New York’s blockchain startups reportedly received $500 million in VC funding, which is a 500% rise from the year before as per data given by the EDC. A number of the largest Blockchain-based employers around the globe including R3, IBM and Coinbase Inc., are growing rapidly in the city. As of 2018 New Yorkers had reportedly seen no less than 2,200 Blockchain-based job postings, which is an 80% increase from the previous year the agency revealed.
The New York Blockchain Center is actually not the first time a related initiative was launched in the NY community space. The Bitcoin Center in NYC, which is a self-funded endeavor, has been operating since 2013. The entity is open every day and also hosts monthly events, according to its founder Nick Spanos.