Every new technology is a parallel gateway to a brighter and more advanced world. Blockchain technology has over the year proved it’s usability in different sectors and by maximising the global markets. To test the use cases of the technology, New York City established a Blockchain Center. The center was opened in partnership with venture capital fund Future\Perfect Ventures and the Global Blockchain Business Council trade organization by the New York City Economic Development Corporation, reported Bloomberg.
It is unclear at this time which areas these use cases may cover. The EDC is a non-profit corporation which aims to support economic growth within the city. It acts as New York’s official economic development corporation.
New York City itself has contributed $100,000 to the new Blockchain Center, and the facility will continue to raise funds through corporate partnerships and membership dues.
Microsoft Corporation and IBM have already partnered with the center, Future\Perfect Ventures managing partner Jalak Jobanputra told Bloomberg.
The new center, based in the Flatiron District, will offer classes on coding and host lectures aimed at both developers in the space and the general public.
The move comes as a number of crypto startups began laying off employees due to an ongoing bear market, but this is not necessarily a concern for the center.
Ana Arino, chief strategy officer with the EDC, told Bloomberg that the center was “playing the long game,” adding:
“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.”
Other business entities related to cryptocurrencies will soon acquire a functional space in New York city & one of them is Coinbase. Cannan (bitcoin mining hardware manufacturers) may also launch an initial public offering.