Blockchain is Coming to NYC Despite the Crypto Downfall

CryptoChats- Flatiron building NYC

Reported Earlier today by Bloomberg, New York City is ready to establish a strong hold in the blockchain community. Earlier today (Jan. 10) the NYC Economic Development Corp (EDC) opened up a 4,000 square foot blockchain innovation center.

This opening may come as a surprise to people due to the current crypto winter caused by the bear market, the EDC says that they’re in it for ‘the long game’. EDC’s chief strategy officer Ana Arino told Bloomberg that

“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.”

Who’s Funding This?

While the EDC does have quite a large stake in the project, they of course did not enter it without a couple of wealthy and interested partners. The building is located in downtown Manhattan in the upbeat trendy hipster Flatiron district, NYC’s mini version of Silicon Valley.

The center was financed by the EDC,the venture-capital fund Future Perfect Ventures, and a one time contribution of $100,000 by the city of New York. The city received the funding collaboratively from Microsoft and IBM.

What will the Center Offer?

It’s certainly no coincidence that the blockchain center is fixated in flatiron square. The center plans to offer members coding classes, lectures, and other materials and experiences that will promote knowledge and awareness about blockchain and distributed ledger technology.

The center inevitably plans to offer membership fees to help pay for the facility in the future.

The opening of this facility comes at a time when Bitcoin is down and cryptocurrency seems to be surrendering its hype and popularity to other emerging technologies and hollywood celebrities.

A crypto because underwhelming in its bear market, blockchain advances and investments are still being made. MIT believes 2019 will be the year blockchain becomes ‘boring‘… What do you think?

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