The Consensus conference in New York brought in 300% more attendees this year. From some reports, the attendance could have been higher, but there simply wasn’t room for all the people who are suddenly realizing what blockchain has to offer.
Bitcoin more or less lived on the outskirts of the financial landscape for many years, but now it looks like the world’s first cryptocurrency has rocketed blockchain into the limelight. New York is the biggest city in the USA, and still one of the world’s largest financial centers.
It is promising to see the New York-led NYC Blockchain Resource Center raised USD 200 million last year for their goal. If the recent move by San Francisco-based Coinbase is any indication of things to come, New York could become the center of blockchain-based Fintech in the USA.
As Bitcoin and the other cryptos shot up in price last year, there were mixed noises emanating from Wall St. Jamie Dimon, the CEO of J.P. Morgan, famously called Bitcoin a “fraud” only to retract his words later on.
Now J.P. Morgan is patenting blockchain-based interbank settlement systems. This is only one event that illustrates how quickly blockchain is making an impact on an industry that isn’t known for technical innovation, but today, blockchain is shaking up the highest levels of finance.
One of the biggest problems for major investors, like hedge funds, has been how they can safely invest in cryptocurrencies. This year’s Consensus conference saw the introduction of Ledger Vault, which is a new way for institutional investors to keep their cryptocurrencies safe.
Ledger, which is considered to be one of the leading custody providers in the crypto space, is going after larger clients who have deeper pockets with this move. Their CEO had this to say on the new product: “The Ledger Vault, a secure hardware-based key management solution for digital assets, is a natural expansion of our offering, tailored to address the challenges faced by the financial industry.”
A day after the Consensus conference wrapped up, the Office of the Attorney General (OAG) of New York launched what it describes as a “Fact Finding Mission” into the cryptocurrency sphere.
The range of cryptocurrency exchanges they have contacted is so broad that some have speculated that the entire exercise is a publicity stunt, and so far there has been no word from the OAG as to industry participation.
Even exchanges that bar the use of their services by residents of the State of New York were contacted, though there is little known about their responsibility to the AG of a city if they operate well outside of the AG’s jurisdiction. The true motivations of this move by the NY city OAG are unknown for now, but whatever they are, it is certainly gathering even more attention for a red-hot industry.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.