Crypto Companies Flock to New York, strengthening the Industry

•  Over a dozen crypto-related companies have opened or plan to open offices in New York this year.
•  The approval of Bitcoin exchange-traded funds in the US is seen as a landmark event for the crypto sector.
•  More than 130 crypto firms now have offices in New York, focusing on decentralized finance, non fungible tokens, and centralized finance.

Crypto startup Concrete has relocated to New York’s Meatpacking District from San Francisco. This move is a digital-asset renaissance in the city. 

New Crypto Offices on the Rise

Over a dozen crypto-related companies have opened or are planning to open offices in New York this year. The general attitude toward crypto is academic work as the sector recovers from previous turmoil. Also, Silicon Valley is now focusing more on artificial intelligence.

The last crypto bear market and increased official search led to many crypto startups leaving New York. However, recent upsets for the US Securities and Exchange Commission in its battles with the industry have changed the land The assent and launch of Bitcoin exchange-traded funds in the US earlier this year are seen as serious milestones for the sector.

Concrete CEO Nic Roberts-Huntley expresses a positive outlook for the industry. The upcoming presidential election is also anticipated to impact the sector, with hopes for a more crypto-friendly administration. Former President Donald Trump, now a prominent Bitcoin supporter, has received donations from several well-known crypto leaders.

The history around crypto in New York has shifted just now, according to Mirza Uddin, head of business development at blockchain startup Injective Labs. Over 130 crypto firms now have offices in New York, with an important focus on separate finance, replaceable tokens, and concentrate finance.

Several prominent venture funds and blockchain projects are setting up offices in New York. This includes venture fund Foresight, blockchain project Plume, and Seattle-based Eigen Labs, which recently received significant investment from Andreessen Horowitz. Crypto asset manager Superstate and digital-asset venture funds Dragonfly and Blockchain Capital have also established a presence in the city this year.

Venture capital fund Coinfund recently hosted a well-attended happy hour in the Meatpacking District, signaling growing community engagement. The Science of Blockchain Conference, typically held at Stanford University, will take place at Columbia University this year, further indicating New York’s rising prominence in the crypto world.