At 12th place globally, New York City came in fifth among the U.S. hubs in CoinDesk’s Crypto Hubs 2023. Many of the Crypto Hubs’ criteria were measured on a national basis, so all the U.S. hubs were hampered by a middling crypto regulatory score – part of the drivers category and the single-most heavily weighted factor overall at 35%. There were seven U.S. hubs in the initial 25-hub sample.
So, it should come as no surprise that the Big Apple has big ambitions when it comes to fashioning itself into a first-in-class crypto capital. New York City Hall signaled its commitment to crypto, encouraging municipal employees to convert their paychecks to tokens using U.S.-based crypto exchange Coinbase in early 2022 . Adams even boasted aboutEven before he took office, Adams floated the idea of spinning up a New York-inspired cryptocurrency
Gotham remains a crypto magnet, despite the concrete jungle's comparatively high operating costs. There are 96 crypto companies based in New York as of publication time, more than twice the number of those in London, Miami and Austin combined, according to crypto data provider The Tie's database. Those firms include heavyweights like crypto exchange Gemini, stablecoin issuer Paxos and data intelligence provider Chainalysis.