El Salvador announced plans to legalize the cryptocurrency later that year – Crypto Trading Futures

El Salvador announced plans to legalize the cryptocurrency later that year – Crypto Trading Futures

New Blockchain Center Backed by Microsoft and IBM Opens in New York City

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A long-lasting bearish trend that holds its grip over the crypto-market does not seem to scare away the technology major fans. Thus the NYC Economic Development Corp. backed by IBM and Microsoft is opening a new business centre devoted to the blockchain.



Some may say that the time of Bitcoin and other top cryptocurrencies has passed. The crypto-market is shattering under an onslaught of major price swings and ubiquitous capital outflow. Lots of crypto-startups that stemmed from a vivid dream of widespread Bitcoin adoption are forced to shut down their offices and downshift their personnel. The newspapers frequently use a term Crypto Winter to describe a current trend rolling out in the industry.

Nevertheless, while digital assets empowered by the blockchain technology are undergoing hard times, the technology itself is almost at the peak. Blockchain-based systems of a distributed digital ledger are successfully implemented in many first-class companies including American retail giant Walmart Inc. Moreover, the blockchain technology has been a keynote address of large tech companies like Blue Big and Microsoft Corp. that have been exploiting the technology to test numerous user applications.

No wonder that while naysayers get sharp and vocal in their claims of crypto-frenzy, some companies stay loyal to the blockchain technology and consider a nascent decline as an explicit opportunity.

Blockchain Centre

For example, the NYC Economic Development Corp. refuses to drive the last nail in the coffin of cryptos and the blockchain saying that the market plunge is temporary and it is very common for such a robust technology. As a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, the corporation does not think of better time to build a brand-new Blockchain Centre located in downtown Manhattan.

The EDC spokesman commented on the opening saying that the corporation is playing a long game and it is not going to give up on the blockchain. The chief strategy officer at the EDC, Ana Arino was cited as saying: “While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”

The location chosen for Blockchain Centre is quite trendy. The Flatiron district hosts many innovative tech companies and it is also called a New York alternative of Silicon Valley.

The 4,000-square-foot centre will offer everything from coding classes to lunch lectures for software developers to the general public. Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.

The city of New York is providing the one-time initial investment of $100,000. Further, the operators are expecting to raise funds via membership dues and corporate partnerships. It is worth mentioning that IBM and Microsoft Corp. have reportedly joined a list of the project’s strategic partners as Jalak Jobanputra, managing partner at Future\Perfect Ventures, reveals.

Speaking of the Blockchain Centre Jobanputra said: “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.”

New York and the Blockchain
Being at the frontier of the financial world, New York is ready to embrace every initiative. The blockchain is no exception. According to Bloomberg, last year New York’s blockchain startups received more than $500 million in venture capital funding that is up 500% compared to the previous year. The same surge was observed at the job market offering more than 2,200 blockchain-related job postings.

Considering the sheer blockchain demand, the State of New York is officially launching a cryptocurrency task force in a genuine attempt to understand cryptocurrency markets and all their underlying blockchain technology.

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Blockchain becomes Necessary for German Businessman like Internet

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A poll conducted by the German Association for IT, Telecommunications and New Media (Bitkom) unveiled that every third major company in the country considers blockchain technology as groundbreaking as the Internet, according to the press release of the organization.



Based on the extensive research, the Bitkom experts concluded that German entrepreneurs consider blockchain to be one of three most promising technologies along with artificial intelligence (AI) and the Internet of things (IoT)


About 15% of companies-respondents believe that distributed ledger will drastically change the society and the economy, as happened with the advent of the Internet. Nearly 36% of large enterprises, with the number of employees from 500 and above, adhere to this opinion.



Almost half of the survey participants (46%) believe that Germany is late with the development and use of blockchain and is already far behind other countries. 40% of the surveyed state that the country is in the middle of the list of countries that actively use blockchain technology.



A previous Bitkom survey, which was conducted in November 2018, showed that 60% of German companies do not want to address the blockchain matter because they do not know how to find a practical application of the technology.



In February 2018, the organization conducted a study on the awareness of German citizens about bitcoin. Then 64% of citizens reported that they are familiar with cryptocurrency. Meanwhile, in 2016, only 4% of the country's population knew what bitcoin is.



Earlier, a study by the World Trade Organization revealed that blockchain might bring $3 trillion to the economy in the next 20 years.

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