## The State of New York and Crypto Investments

• Despite increased regulatory scrutiny, the state of New York continues to attract significant investments in blockchain and digital assets.
• A study conducted by Coinbase found that 1 in 3 New Yorkers believe that the cryptocurrency market has contributed to fairer financial systems.

The state of New York, home to over 8.8 million residents, has become a prominent hub for blockchain and cryptocurrency activities. This growth has occurred alongside ongoing regulatory changes in the United States. According to a recent report by Coinbase, one of the leading centralized crypto exchanges in the country, approximately 19 percent of New York residents, equating to around 1.67 million people, own crypto assets. The report also highlighted the rapid adoption of Web3 and cryptocurrencies in the state.

Interestingly, New York is currently host to more than 692 blockchain organizations, along with 800 founders involved in Web3 initiatives. As a result, the state boasts some of the world’s wealthiest individuals who have embraced these transforming regulatory frameworks.

The Coinbase report emphasizes the optimism of New Yorkers towards the potential of cryptocurrencies, with approximately 1 in 3 individuals agreeing that “cryptocurrency makes the financial system more fair” and is a worthwhile investment for the future. These findings were part of a Morning Consult study commissioned by Coinbase.

The report also highlights the high level of involvement from the tech industry, financial services, and retail sectors, which collectively account for 75 percent of the initiatives undertaken by Fortune 100 companies since Q1 2020, many of which are based in New York.

A Broader Picture: Crypto Adoption in New York

Recent research by Triple-A revealed that over 54 million Americans have already invested in cryptocurrencies. This growing interest has prompted presidential candidates, including President Biden, to express their support for the Bitcoin and digital asset industry. Furthermore, the Federal Reserve Board issued additional guidance on Tuesday to enable banks in the United States to engage in activities involving cryptocurrencies and blockchain technology.

Blockchain technology has also triggered significant changes in various markets, particularly in New York’s vibrant fashion industry. Morphew, an art and lifestyle brand that combines fashion with emerging technology, partnered with Arx, a hardware technology company, to enhance the adoption of their products using blockchain-based digital versions embedded in physical garments.

Bridgette Morphew, Founder and CEO of Morphew, explains:

“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, thatÔÇÖs why weÔÇÖre encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion.”

With institutional investors like BlackRock and PayPal intensifying their focus on the cryptocurrency market, the adoption of digital assets and blockchain technology is poised for exponential growth.

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