Coinbase Report: New York Emerges as a Hub for Crypto Innovation and Adoption

Coinbase, a leading crypto exchange, published a report titled 'United States of Crypto: New York' on August 8, 2023. According to the report, the swift adoption of crypto and web3 technologies in the state, with nearly one-fifth of New Yorkers owning cryptocurrency, signals a promising future for crypto in New York.

New York, known as the epicenter of technological innovation, art, and fashion, is rapidly embracing cryptocurrency and blockchain technology. According to a recent Morning Consult study commissioned by Coinbase, 19% of New York residents own crypto, and approximately one-third agree that cryptocurrency makes the financial system more equitable and represents a worthwhile future investment.

Crypto Adoption and Innovation in New York

New York state is home to 692 blockchain organizations and over 800 founders. Since the start of 2020, 52% of the Fortune 100 companies have pursued initiatives in crypto, blockchain, or web3. Most of these initiatives (around 75%) are concentrated in the tech, financial services, and retail sectors, with many residing in New York.

Famous crypto and blockchain companies that have a significant presence or operations in New York include Gemini, OpenSea, Coinbase, Chainalysis, Ripple, Fireblocks, Paxos, and NYDIG, among others.

Fashion Meets Blockchain

The state's vibrant culture is not limited to traditional industries. Morphew, a New York-based fashion, art, and lifestyle brand, has ingeniously blended antique fashions with futuristic trends and technology. Bridgette Morphew, Founder and CEO of Morphew, expressed her desire to leverage blockchain technology to archive one-of-a-kind fashion collectibles.

Morphew partnered with Arx, a hardware technology company, to launch their NFT collection. Arx's chips can be embedded in any item to pair physical garments with a blockchain-based digital version. Morphew's Genesis NFT collection, stored on-chain, allows for the digital authentication and exhibition of fashion through photorealistic 3D renderings. The collection was launched at Art Basel Miami.

New York's Role in Crypto's Future

New York's deep history as a home to major fashion brands and cutting-edge innovation makes it a natural base for companies like Morphew. The number of crypto VCs in New York also encourages venture capital investment in the region.

"New York is the center of the fashion industry. Morphew highlights and preserves the past while creating the future of digital fashion archival. Crypto is paving the way for artists to create and authenticate their work, that's why we're encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion," says Bridgette Morphew.