New York Sticks With Crypto, Opening Blockchain Center Amid Rout

As reported by Bloomberg Crypto, “New York isn’t giving up on the digital-ledger technology that makes Bitcoin and other tokens work even after last year’s collapse of the cryptocurrency market.

“The New York City Economic Development Corporation said its Blockchain Center in Manhattan will open Thursday a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, a trade organization. The city may also start testing the use of blockchain technology in the fall.

“The center is opening at a difficult time for the industry. After digital coin prices tumbled last year by as much 90 percent, many startups working on the technology have been forced to lay off staff or even shut down as funding dried up. Some companies have also stalled trials and deployment of the technology, which makes it easier for multiple parties to share data in a trusted way. The technology is already in use at companies such as Walmart Inc.

“‘We are playing the long game,’ Ana Arino, chief strategy officer at the EDC, said in a phone interview. ‘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.'”

Continue to read the full story at Bloomberg.