New York City Economic Corp Shows Faith in Blockchain

The New York City Economic Development Corporation (EDC) launches Blockchain Education Center(BEC) on Thursday.

An Investment Amidst Crisis

The cryptocurrency market seems to be reeling under pressure with constantly falling prices. However, the EDC thinks otherwise. It has recently launched the Blockchain Education Centre keeping a firm eye on the future scope for development in the Blockchain sector.

Bitcoin prices have dropped as far as 90%, which forced many startups to lay off their employees or completely shut down their business. Even during these times of crisis, New York City has managed to raise $100,000 for building a new education center for Blockchain development.

Blockchain- A Technology for the Future

Ana Arino, the chief strategy officer at the EDC, stated that the center was ‘playing the long game’. Arino explained that the uncertainties in the evolution of the technology arose due to the ‘nascent stage’ of development in Blockchain technology.

She further stated that ‘they want to have a seat at the table shaping it (Blockchain).’

About the Education Development Center

The entire center is spread over an area of 4000 square feet. It is located at 54 W. 21st St. in the Flatiron District, which lies in the heart of Silicon Valley.

The center was created through a partnership with the venture capital fund, Future\Perfect Ventures, and the Global Blockchain Business Council, which is a trade organization working in the Blockchain sector.

It houses various startups and businesses like Quovo Inc., Palm Drive Capital LLC, and Glamsquad Inc.

Planned Activities at the Center

The Blockchain Education Center will offer coding classes, a general lecture series and lunch lectures for developers working in the Blockchain sector and the general public alike.

The Center aims to begin testing use cases for Blockchain for the city by as early as the end of this year. However, the areas to be tested for use cases are yet to be confirmed.

The initial capital required for the BEC will be raised through membership dues and tie-ups with corporate partners. Microsoft Corporation and International Business Machines Corp have already agreed to be the corporate partners, with the center having plans to add more partners in the near future.

New York’s Romance with Blockchain

Startups in New York working towards Blockchain development received more than $500 million through venture capital funding this year – a 500% growth as compared to 2017.

Some of the largest organizations working towards Blockchain development, including IBM, R3 and Coinbase Inc., have found a home in New York, and are reporting accelerated growth. There has been a surge of more than 80 percent in the number of jobs posted in New York for Blockchain development. Last year, the number of jobs posted was recorded at 2200, which signifies an excellent growth rate in the city.

There has also been an increase in the number of companies opening up their avenues in New York. Coinbase, the crypto exchange platform recently opened its office in New York last fall. It is also being reported that Canaan, which deals with the development of mining hardware for Bitcoin, is looking to launch an initial public offering in the city.

It is also worth mentioning that this is not the first time that a Blockchain-related community space has opened up in the city. Bitcoin Center NYC was launched in 2013, and has been running successfully through self-funding since then. It is open on all days of the week, and also hosts monthly events.

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