The New York City Economic Development Corporation has said that its blockchain centre in Manhattan will be opening, according to a Bloomberg report.
The initiative has taken place as a part of a partnership with venture-capital fund FuturePerfect Ventures and the Global Blockchain Business Council. New York itself has contributed $100,000 to the new Blockchain Centre, which will continue to raise funds via corporate partnerships and membership dues.
The centre is opening at a time when the cryptocurrency market is going through a difficult time. Digital coin prices plunged badly in 2018 by as much as 90%, which led many start-up firms working on the technology to lay off staff or shutting down businesses due to lack of funds. Some companies have even put their trials and deployment of the technology on hold, allowing multiple parties to share the data easily and in a trusted manner. Walmart is one such example that is using the technology already.
The city of New York wants itself to be known as a pioneer in blockchain technology. As this publication reported back in May, moves were being made so NYC could be an ‘accessible centre for blockchain innovation.’
James Patchett, CEO and president of the New York City Economic Development Corporation, said at the time: “There’s no city in the world that’s better positioned to lead the way in blockchain. We’re a global leader in finance, real estate, media and tech – all industries seeing incredible innovation from this new technology.
“The city is putting a big focus into blockchain to find out how we can grow the industry and make sure it’s creating great opportunities for New Yorkers.”
Ana Arino, chief strategy officer at the EDC, told Bloomberg: “We are playing the long game. 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.”
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