CoinDesk, a leading independent news source for the cryptocurrency and blockchain world, has released its annual rankings of US Crypto Hubs. New York City has placed fifth among the U.S. hubs, according to the rankings. CoinDesk analyzed various criteria, such as enabler category for digital infrastructure, ease of doing business and opportunity measures including per-capita crypto jobs, companies, and events in seven U.S. hubs. New York City performed well in terms of opportunities for crypto businesses, but fell short in quality-of-life criterion due to the high cost of living and congested traffic.
However, despite the challenges, New York City remains a center of ambition for crypto investors. Mayor Eric Adams has high hopes for the city, saying, “New York City is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations.” Adams campaigned on his digital money vision and has even floated the idea of a New York-inspired cryptocurrency, similar to Miami Coin. Even before he took office, Adams encouraged municipal employees to convert their paychecks into tokens using U.S.-based crypto exchange Coinbase.
New York City’s financial epicenter of Wall Street is also a hub of support for the cryptocurrency industry, garnering much-needed capital from banks and money management mammoths. Goldman Sachs poured nearly $300 million into crypto analysis firms like CertiK and Coin Metrics between 2018 and 2021. BNY also invested hundreds of millions of dollars into Fireblocks, a crypto infrastructure company. As a result, New York City is home to more crypto companies than London, Miami, and Austin combined.
In a city as crowded and bustling as New York City, attracting crypto investors and drawing out the crypto crowd is relatively easy according to The Tie’s CEO Joshua Frank. The Tie is a crypto data provider, and Frank calls Manhattan’s financial district “Shill-a-coin alley,” due to every crypto company being within a four or five block radius. Despite the city’s challenges, New York City remains a hub of ambition, investment, and growth for the cryptocurrency industry.