New York Beats Silicon Valley As U.S. Crypto Capital

New York City took the crown as cryptocurrency capital of the US in 2021, Isabelle Lee reported for Business Insider.

Photo Insert: New York City Mayor Eric Adams has been vocal about wanting to transform New York into a crypto hub, vowing to convert his first three paychecks into crypto as a demonstration of faith in the asset class.

The city attracted $6.5 billion in crypto startup funding last year, 46% of all US fundraising in the space, according to CB Insights. The sum raised was boosted by a blockbuster $1 billion funding round by bitcoin firm NYDIG and a $750 million Series B round by blockchain platform Celsius Network in the last quarter of the year.

New York beat Silicon Valley, which remains the top city overall for venture capital funding and ranks second for blockchain funding. It also surpassed Los Angeles and Miami, which are both tied for third with $760 million raised in 2021. The US saw a total of $14.1 billion in crypto-related funding raised in 2021.

New York City Mayor Eric Adams has been vocal about wanting to transform New York into a crypto hub, vowing to convert his first three paychecks into crypto as a demonstration of faith in the asset class.

Adams, a Democrat, has publicly engaged in some friendly banter with Miami Mayor Francis Suarez, another crypto enthusiast, about which city will be the ultimate crypto capital of the country.

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