Categories: Bitcoin Business

New York sticks with Crypto, opening blockchain center

Click here to view original web page at
INTERNATIONAL – New York isn’t giving up on the digital-ledger technology that makes Bitcoin and other tokens work even after last year’s collapse of the cryptocurrency market.

The New York City Economic Development Corporation said its Blockchain Center in Manhattan will open Thursday a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, a trade organization. The city may also start testing the use of blockchain technology in the fall.

The centre is opening at a difficult time for the industry. After digital coin prices tumbled last year by as much 90 percent, many startups working on the technology have been forced to lay off staff or even shut down as funding dried up.

Some companies have also stalled trials and deployment of the technology, which makes it easier for multiple parties to share data in a trusted way. The technology is already in use at companies such as Walmart.

“We are playing the long game,” Ana Arino, chief strategy officer at the EDC, said in a phone interview. “It’s a nascent technology, so there’s bound to be uncertainty around this evolution from year to year. While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”

The 4,000-square-foot centre, located at 54 W. 21st St. in the Flatiron District in the centre of the city’s Silicon Alley, will offer everything from coding classes to lunch lectures for software developers to the general public.

Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad.

While the city is providing the one-time initial investment of $100,000, the operators will seek to raise money through membership dues and through corporate partners, which already include Microsoft Corp. and International Business Machines, according to Jalak Jobanputra, a managing partner at Future\Perfect Ventures.

“This is a neutral spot, there’s no one platform or company that has undue influence over programming,” Jobanputra said in a phone interview. “What we want entrepreneurs to have is a choice.” Plans to establish the centre were announced in May.

Last year, New York’s blockchain startups received more than $500 million in venture capital funding, up 500 percent from 2017, according to the EDC. Several of the largest blockchain employers in the world – including IBM, R3 and Coinbase– are rapidly growing in the city.

Last year, New Yorkers had seen more than 2,200 blockchain-related job postings, up 80 percent from the year earlier, the agency said.

The centre is not the first blockchain-related community space in the city. Bitcoin Center NYC, which is self-funded, has been around since 2013, is open every day and hosts events monthly, according to founder Nick Spanos.



Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

  • Bitcoin Business

Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken Bitcoin Bulls

All this week, the crypto market has been under a microscope both by politicians with regulatory power, and throughout the… Read More

5 hours ago
  • Bitcoin Business

Will the same technology that powers Bitcoin disrupt design?

You’ve probably heard of Bitcoin, the disruptive cryptocurrency rollercoastering up and down in value daily (today one coin is worth… Read More

5 hours ago
  • Bitcoin Business

Silicon Valley’s Tim Draper, wearing a bitcoin tie, says crypto coins are good for humanity

watch nowVenture capitalist Tim Draper told CNBC on Friday that bitcoin is good for humanity and that federal regulators should… Read More

5 hours ago
  • Bitcoin Business

Could Donald Trump Ban Bitcoin?

Noelle Acheson is a veteran of company analysis and a member of CoinDesk’s product team. The opinions expressed in this… Read More

5 hours ago
  • Bitcoin Business

Hayek’s 1984: Rediscovered Footage Shows Austrian Economist Predicting Bitcoin

Born in 1899 in Vienna, Nobel Prize-winning economist F.A. Hayek is a legend of sorts in voluntaryist, libertarian, and crypto-economic… Read More

11 hours ago
  • Bitcoin Business

Particl Activates RingCT and Bulletproofs to Advance Blockchain Privacy

Hardfork Enables Completely Untraceable Currency Transactions at Low Cost, Precedes Upcoming Particl Open Marketplace Mainnet Launch Particl , the open-source… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More