NYC Opens New Blockchain Center Despite Cryptocurrency Market Decline

NYC Opens New Blockchain Center Despite Cryptocurrency Market Decline

Despite the major decline of the cryptocurrency market last year, New York did not give up on driving the operation of bitcoin and other tokens using digital ledger technology. The non-profit organization NYC Economic Development Corporation (NYCEDC) announced that the Manhattan-based blockchain center opened on the 10th of January.

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The opening of the center took place during a difficult time for the cryptocurrency industry, with many blockchain technology companies forced to lay off employees or even close as a result of the drop in digital currency prices. Nonetheless, NYCEDC's Chief Strategy Officer Ana Arino sees a long-term vision in the emerging technology sector, and said "it is an evolving field with a lot of uncertainty, but we want to ensure we have a seat at the table shaping it."

Image source: NYCEDC

The 4,000 square-foot blockchain center is located in New York City's Silicon Alley and will offer various programs from programming courses to lunch seminars. It was funded by a $100,000 investment from the city and raised additional capital from companies such as Microsoft and IBM. The center will remain a neutral space without platform or corporate influence, according to Future\Perfect Ventures' Jalk Jobanputra. Data-aggregation business Quovo and venture investor Palm Drive Capital are among the tenants in the 12-story building where the center is located.

According to data from NYCEDC, blockchain start-ups in New York received over $500 million in venture investments, a 500% increase from 2017. Several companies such as IBM, R3, and Coinbase are rapidly developing in New York, and last year over 2,200 positions related to blockchain were open, an increase of 80% from the previous year.

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Despite the challenging market conditions, the opening of the NYC Blockchain Center shows that there is a continued interest and investment in blockchain technology. This is a positive sign for the future of the industry and suggests that New York will remain a key location for blockchain development and innovation.

Blockchain Centers in New York City

New York City is home to multiple community spaces related to blockchain technology. One such space is the New York Bitcoin Center, established in 2013, which is open daily and hosts related events every month.

Another blockchain center in NYC is the Blockchain Center which was established more recently. This center has a strong focus on education and networking within the blockchain industry. It offers space and resources for startups, entrepreneurs, and investors, as well as organizing events and workshops.

These community spaces provide a valuable resource for those interested in blockchain technology, enabling networking and education. As the blockchain industry continues to grow, we can expect to see more centers like these in cities around the world.