Will New York's new mayor turn the city into a new cryptocurrency hub?
euronews.comWith US cities such as Miami and Austin trying to court digital asset companies, John Wu was unsure whether to make New York the permanent home of his cryptocurrency and blockchain start-up Ava Labs - until Eric Adams was elected mayor last year.
Wu said the election of Adams, a Bitcoin-enthusiast who has pledged to turn the Big Apple into a crypto hub, played "a big part" in his decision to set up a permanent office in the city in November.
"Knowing that we have an administration that's friendly, especially in the New York City area, is going to be very helpful," said Wu, president of the company.
Adams was sworn in this month and has a lot of work to do to make New York as welcoming as other would-be crypto hubs.
New York state has stiff regulations for crypto companies, including a costly licensing requirement, and the state attorney general is cracking down on some companies in the sector.
Still, Wu and other cryptocurrency executives said the mayor's friendly stance could draw digital asset start-ups keen to assert their legitimacy alongside traditional Wall Street companies and to tap the financial hub's deep talent pool and investor base.
Chainalysis, a cryptocurrency data platform, also doubled down on New York in 2021, signing a lease in August for a Manhattan office space that will accommodate up to 200 staff.
"The new mayor's support for the industry strengthens my conviction that New York is the best place for Chainalysis' headquarters," Michael Gronager, chief executive and co-founder of Chainalysis, told Reuters in a statement.
"We plan to tap into the city's deep talent pool for our next phase of growth," he added.
With the digital asset industry growing fast and the value of cryptocurrencies surging - surpassing
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