A recent report by Coinbase Exchange revealed that about 19% of residents in New York own cryptocurrency. The leading crypto exchange carries out the survey to highlight the growing crypto innovation among states in the United States.
The fourth edition which features New York was released recently and it focused attention on the various milestone reached by the state as regards cryptocurrency adoption and how it has positioned itself as a crypto stronghold in the country.
19% of New Yorkers own Crypto
Per the report titled the “United States of Crypto,” Coinbase noted that crypto and web3 adoption is gaining traction in the state with 19% of New Yorkers owning cryptocurrencies.
It pointed out that New Yorkers are positive about the possibilities of cryptocurrencies, adding that one in three residents who took part in the survey concurred that cryptocurrency makes the financial system a leveled playing field and that it is a “worthwhile investment for the future.”
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Furthermore, the report added that New Yorkers are welcoming the idea of cryptocurrency innovation and its underlying blockchain technology. It added that the state has continued as a significant hub for transformative technology.
Coinbase also highlighted in its report the growing number of blockchain organizations in the state. According to the report, New York has an impressive 692 blockchain organizations with over 800 founders.
New York state officials are strengthening their ability to oversee digital currencies as crypto adoption rises in the state. The New York State Department of Financial Services declared on February 21 that it has improved its capacity to identify criminal activity linked to cryptocurrencies. The agency will have improved skills for identifying front-running, market manipulation, and insider trading, according to the release.
Ultimately, Coinbase said that it is working hard to help “update the financial system” adding that it believes in the potential of cryptocurrency and blockchain technology as a key to increasing economic freedom and opportunity around the world. The growing adoption of cryptocurrency in the state of New York shows a promising future for cryptocurrency in both the state and the country at large.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.