Crypto adoption ‘rapidly gaining traction’ in New York: Coinbase

One-fifth of New Yorkers own crypto, according to a Coinbase report

August 9, 2023 12:38 pm

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A new Coinbase report found that 19% of New Yorkers own crypto, which equates to roughly one-fifth of New Yorkers.

When it comes to owning crypto, this makes New York one of the top 10 states in the US. California, New Jersey, Washington, Colorado, Utah, Florida, Alaska, Nevada and Massachusetts are also on that list.

New York is also on Coinbase’s list of top 10 states with the “largest average value of crypto currency owned by crypto owner” meaning that it has its fair share of whales.

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As part of the exchange’s United States of Crypto project, Coinbase surveyed New Yorkers to understand how residents are approaching digital assets.

Roughly 1 in 3 New York residents surveyed found that “cryptocurrency makes the financial system more fair.”

Overall, Coinbase notes, the state has nearly 700 blockchain organizations and over 50% of Fortune 100 companies have pursued different initiatives focused on crypto, Web3 or blockchain.

Back in June, Coinbase released a larger study focusing on the state of crypto. It found that roughly 80% of Fortune 500 companies are taking a look at Web3 despite the ongoing terse regulatory environment.

Approximately 90% of the participants are of the belief that policymakers should establish novel rules and regulations to oversee technology, rather than relying on the sufficiency of enforcing existing laws.

Prior to the report, the Securities and Exchange Commission filed a lawsuit against Coinbase alleging that it was operating as an unregulated exchange and offering unregistered securities.

Speaking of regulation, though, New York has been zoning in on crypto, with New York Attorney General Letitia James saying in May that law and order is necessary to crack down on crypto’s “rampant fraud and dysfunction.”

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