Despite the crypto market crashing hard last year, it seems the city of New York is not giving up on the blockchain technology. Earlier today the New York City Economic Development announced that it was opening a Blockchain Center.
The center measures 4,000 square-foot and is located in the Flatiron District at the center of the city’s Silicon Alley.
The Blockchain Center will offer many services from lunch lectures to coding classes for software developers and also the general public.
The New York City Economic Development Corporation will open the center as part of a partnership with the Global Blockchain Business Council and Future/Perfect Ventures.
Blockchain Center is opening at a time when the crypto market is going through a rough patch
The center is opening at a time when the industry is going through a rough time. The crypto market has lost a substantial amount of its value forcing many crypto startups using the blockchain tech to shut down while others lay-off staff as funding has dried up.
Also, other companies have stalled plans to deploy the distributed ledger technology after the market downturn. However, companies like Walmart Inc. have already started to use the technology.
In a phone interview with Bloomberg, Ana Arino who is the chief strategy officer at EDC said the reason behind launching the Blockchain Center now is because they have a long term perspective on the technology and they believe it will have a significant impact in the future.
“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.”
Plans to establish the center were announced in May of last year.
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