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

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

article-image

lunamarina/Shutterstock modified by Blockworks

share

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.

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.”


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

What Grayscale’s watching going into the second quarter and why crypto had a rough start to the year

article-image

Sol’s price drop was partially triggered by one of the year’s more chaotic memecoin events

article-image

Are digital assets just part of “normal” finance conversations now?

article-image

It’s a busy week as DC prepares for confirmations and policies that may have major impacts on crypto

article-image

NFT collection Azuki is releasing anime-inspired decks for a physical trading card game

article-image

Fidelity is planning a stablecoin launch, FT reports, as more companies flock to the digital-dollar business