Why Crypto Pioneers Are Moving to Brooklyn?
CosenSys Inc. is a blockchain-related startup that was co-founded by Joseph Lubin, an Ethereum guru. The company has taken a space in the Brooklyn’s Bushwick neighborhood. Though the building looked abandoned, there were about 200 people working to reshape the finance sector with the help of cryptocurrency and the blockchain technology. The New York City was one a part of the industrial heart, and now it is turning out be a world of digital currency. The moving of virtual currency-associated firms has contributed to the current gentrification.
Following the move of ConsenSys, the adjacent Williamsburg has also been attracting businessmen, Bloomberg reported. Aside from that, empty warehouses are seeing the revival of fortunes while condos have gone. The entry of crypto-associated firm has also drawn cafes, ramen shops and murals to reach the streets of the region. This has made Cryptonomic co-founder, Tyler Clark, to comment that the energy level in and around Brooklyn is something that people could not see in Manhattan or for that matter anywhere else in the city of New York. He believes that ConsenSys has inspired him to the area. This has undoubtedly reiterated that the blockchain technology is here to stay for innovation beyond the digital currency segment.
That does not mean that Manhattan is not fit for blockchain businesses. The region is more closely linked with popular enterprises like Intel and Microsoft than Brooklyn. The situation could bring back the memories of 1976 of Los Altos or Haight-Ashbury in 1966. In any case, blockchain is only working towards accomplishing the considerable potential that the place has. Therefore, the area could now be termed as a Cryptolandia. That is famously coined by a former VP of technology at JPMorgan, Vishakh.
During a blockchain week in New York, Brooklyn was making efforts to plant its crypto-flag. On May 11 and 12, there would be Ethereal Summit. The participating speakers would talk about a wide range of subjects, be it blockchain in the arts with the help of digital currencies for charitable funds. The subject area could also cover the potential role of the new age technologies in emerging economies of the world.
Similarly, on May 10, a Fluidity Summit would feature speakers like Lubin and luminaries of the Wall Street such as Nouriel Roubini and Michael Novogratz. The summit is being held in Williamsburg Savings Bank building. While legacy finance could continue to be headquartered in Manhattan, Brooklyn would be the headquarters for future finance. This was the summing up of an Airswap strategist, Sam Tabar.
Cryptolandians Push Up Rents
During an interview, Lubin said that “It was a group of people who were locally situated and who appreciated the Brooklyn vibe. It definitely had a warehouse vibe all around the world for a long time, and I think we resonated with that.”
As the companies with a focus on digital currencies are turning towards Brooklyn, rents have started moving up. However, New York City councilor, Antonio Reynoso, is trying hard to keep housing affordable so that residents could live and work. In any case, the area’s profile got a boost when tour groups added Bushwick.