New York City may begin testing blockchain technology for various use cases later this year.
The New York City Economic Development Corporation's (EDC) new Blockchain Center opened Thursday, and intends to begin testing the tech's use cases next fall, Bloomberg reported Thursday. The center is part of a partnership with the venture capital fund Future\Perfect Ventures and the Global Blockchain Business Council trade organization.
It is unclear at this time which areas these use cases may cover. The EDC is a non-profit corporation which aims to support economic growth within the city. It acts as New York's official economic development corporation.
New York City itself has contributed $100,000 to the new Blockchain Center, and the facility will continue to raise funds through corporate partnerships and membership dues.
Microsoft Corporation and IBM have already partnered with the center, Future\Perfect Ventures managing partner Jalak Jobanputra told Bloomberg.
The new center, based in the Flatiron District, will offer classes on coding and host lectures aimed at both developers in the space and the general public.
The move comes as a number of crypto startups began laying off employees due to an ongoing bear market, but this is not necessarily a concern for the center.
Ana Arino, chief strategy officer with the EDC, told Bloomberg that the center was "playing the long game," adding:
The EDC did not respond to a request for comment by press time.
New York skyline image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.