The City of New York has decided to keep pushing with its plans to further invest in the crypto and blockchain industry.
As a result of the partnership with a venture-capital fund FuturePerfect Ventures and the Global Blockchain Business Council, the Blockchain Center opened in Manhattan yesterday, Bloomberg reports.
Plans to establish the center were announced in May last year. Its offices are located in the Flatiron District, the so-called “Silicon Alley”.
Picture 1. The Flatiron District of New York City (Source: Pixabay)
The center will be used as a base for further development of the blockchain development, which should ultimately result in the start of the usage of the technology itself.
“This is a neutral spot, there’s no one platform or company that has undue influence over programming. What we want entrepreneurs to have is a choice”, said Jalak Jobanputra, managing partner at FuturePerfect Ventures.
The center has around 370 square meters in the center of Flatiron District. The same building is shared with the Quovo Inc., a startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.
“We are playing the long game. 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”, said Ana Arino, chief strategy officer at the EDC.
Although the establishment of the center was financed by Future/Perfect Ventures and Global Blockchain Business Council, the City of New York provided a one-time investment of $100,000.
The majority of funds needed for maintenance and further development of the center will be collected through membership dues and corporate partners. For instance, Microsoft and IBM are already connected to the Blockchain Center.
The opening of the center comes in the troublesome time as the crypto and blockchain industry struggles to recover from the huge losses in 2018. As reported by Newconomy yesterday, Bitcoin has continued with its struggles in 2019 as well, as it has moved back below $4,000 again.