With the growing interest in cryptocurrencies, New York is becoming a blockchain-oriented innovation hub.
Coinbase, a major crypto exchange in the United States, has recently published a report focusing on New York, uncovering the state's emerging role in the crypto landscape and the increasing rate of digital currency ownership among its residents.
The latest edition in the Coinbase series exploring state-level crypto innovation in the US sheds light on New York's involvement in the domain. The survey results indicate that 19% of the participating New Yorkers own cryptocurrencies.
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Further reinforcing this trend of digital currency acceptance, a third of the participants expressed their view, emphasizing that cryptocurrency brings equality to the financial ecosystem and claimed that it is a “worthwhile investment for the future.”
New York isn't just seeing an upsurge in cryptocurrency ownership. The state is rapidly emerging as a significant hub for blockchain-oriented initiatives. The report revealed that New York is now home to 692 blockchain-focused entities and is the base for over 800 founders in this sector.
Parallel to the rising acceptance of crypto among New Yorkers, the regulatory framework in the state is evolving. In February, the New York State Department of Financial Services declared that they've strengthened the infrastructure to identify illicit crypto activities. The department's announcement spotlighted their newly acquired capabilities, specifying their enhanced skills in detecting market manipulation, insider trading, and front-running activities.
On a global scale, there are notable developments too. US stablecoin issuer Circle's CEO, Jeremy Allaire, shared a noteworthy update regarding its USD Coin (USDC). As per Allaire's recent announcement, a staggering 70% of USDC's adoption now originates outside the US. He highlighted its growing popularity in emerging markets, including Asia, Latin America, and Africa.
The passion for cryptocurrency is evidently growing in New York, reflecting the broader national and global trend. As the state and federal regulators adapt to this evolving landscape, the embrace of digital currencies continues to expand, resonating with Coinbase's findings and further establishing New York's place in the blockchain universe.
