Coinbase Report: Cryptocurrency Ownership At 19% Among New Yorkers
Coinbase stated that the state of New York has 692 blockchain organizations and over 800 founders.
According to the data, 19% of New York citizens who participated in the study possess cryptocurrency. Furthermore, according to a Coinbase-commissioned survey, one in every three New York residents believes that cryptocurrency makes the financial system more equitable and is a “worthwhile investment for the future.”
Bitcoin ATMs in Manhattan, New York City. Source: Coin ATM Radar
Aside from this, the Coinbase research stated that as New York residents embrace the concept of cryptocurrency, the state continues to become a home for numerous blockchain-based enterprises.
According to the study, New York State is home to 692 blockchain organizations and over 800 founders.
As the popularity of cryptocurrency grows in New York, state officials are increasing their power to monitor digital currencies. The New York State Department of Financial Services (NYDFS) declared on February 21 that it had improved its ability to detect crypto-related illicit actions.
According to the release, the department would have enhanced detection capabilities for insider trading, market manipulation, and front-running activities.
Meanwhile, the Federal Reserve of the United States has recently expanded the scope of its program regulating US-based institutions involved in crypto and blockchain.
The Federal Reserve introduced a program on August 8 to limit certain crypto-related operations for banks they monitor.
In other news, Circle, a US-based stablecoin issuer, announced that its USD Coin USDC tickers down $1.00 has gained popularity in different regions worldwide.
Circle CEO Jeremy Allaire stated on August 8 that 70% of USDC adoption comes from countries other than the United States. According to the CEO, progress is underway in emerging markets like Asia, Latin America, and Africa.
The fourth installment of a Coinbase series celebrating crypto innovation at the state level in the United States, featuring New York, was recently released. The research identified different state milestones in terms of cryptocurrency adoption.
