Coinbase finds New York to be a crypto stronghold, details here

• New York is home to 692 blockchain organizations and over 800 founders.
• The report, published by Coinbase, is the fourth part of its “United States of Crypto” series.

Coinbase published a report on 8 August that talks about crypto adoption in New York. The report highlighted that 19% of New York residents who took part in the study hold cryptocurrency.

One in three New Yorkers believed that cryptocurrency made the financial system fairer and called it a “worthwhile investment for the future.”

The report also mentioned that New York is home to 692 blockchain organizations and over 800 founders.

Since 2020, 52% of Fortune 100 corporations have ventured into crypto, blockchain, or web3 activities. Since Q1 2020, 75% of the initiatives of Fortune 100 corporations have been focused on technology, financial services, and retail. Many of these corporations are based in New York.

The report also throws light on the intersection of fashion and technology as New York is home to both.

Bridgette Morphew, Founder and CEO of Morphew, a fashion and lifestyle brand, said,

“Crypto is paving the way for artists to create and authenticate their work, that’s why we’re encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion.”

The report was the fourth part of Coinbase’s “United States of Crypto” series.

U.S. closing in on crypto

Despite the enthusiasm of New Yorkers, the U.S. government is yet to warm up to the crypto space.

Recently, it emerged that the Federal Reserve has intensified its scrutiny of the banking sector involving itself in the realm of crypto assets. The Fed has announced the launch of a program to monitor digital assets held by financial institutions under its jurisdiction.

Regulatory organizations have repeatedly warned banks about the possible financial risks linked with cryptocurrency during the last year.

Earlier in May, New York’s attorney general announced a new bill, aiming to bring tighter rules to combat crypto fraud. The Crypto Regulation, Protection, Transparency and Oversight Act proposed one of the most extensive sets of cryptocurrency legislation in the country.

The bill required crypto exchanges to reimburse victims of fraud. The measure requires corporations to provide information in order to promote transparency in the industry.