19% of New Yorkers own cryptocurrency: Coinbase report

Coinbase highlighted that there are 692 blockchain organizations and more than 800 founders in New York.

A Coinbase report series highlighting crypto innovation at the state level in the United States has recently published its fourth edition, which features New York. The report highlighted various milestones the state reached regarding crypto adoption. 

Within the report, Coinbase noted that 19% of New York residents who participated in the study own cryptocurrencies. Additionally, one in three New Yorkers agreed that crypto makes the financial system fairer and described it as a “worthwhile investment for the future.“

The Coinbase report also highlighted that as New York residents continue to embrace the idea of crypto, the state continues to become a home for blockchain-centered projects. According to the report, 692 blockchain organizations and over 800 founders are based in New York state.

As crypto adoption grows in New York, state regulators are improving their capacity to supervise digital currencies. On Feb. 21, the New York State Department of Financial Services announced it had enhanced its ability to detect crypto-related illegal activities. According to the announcement, the department will have additional capabilities in detecting insider trading, market manipulation and front-running activities.

Related: New York Assembly introduces crypto payments bill for fines, taxes

Meanwhile, the U.S. Federal Reserve has recently broadened the scope of its program that oversees U.S.-based banks engaging with crypto and blockchain. On Aug. 8, the Fed established a program to limit certain crypto-related activities for banks it supervises.

In other news, U.S.-based stablecoin issuer Circle highlighted that its USD Coin (USDC) has found traction in other parts of the globe. On Aug. 8, Circle CEO Jeremy Allaire said that 70% of USDC adoption comes from outside of the United States. The executive noted progress in emerging markets such as Asia, Latin America and Africa.

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