• Solana, a popular crypto network, is opening an office in downtown Manhattan, New York.
• The state of New York has been anti-crypto in the past and continues to be so.
• A spokesperson for the company explained that 75% of the space is reserved for Solana ecosystem teams to co-work for free upon approval.
Solana Sets Up Office in New York
Popular crypto network Solana is opening a new office in downtown Manhattan, New York. The office will occupy roughly 25,000 square feet in a multiple-story building. Despite several brick-and-mortar locations shutting down in both New York and Miami recently, Solana still chose to house its headquarters there.
New York’s Unfavorable Crypto Climate
Despite being the tenth largest digital currency by market capitalization, it’s odd that Solana would choose to locate its headquarters in New York as it has proven to be quite anti-crypto over recent years. To prevent any new digital currency mining companies from setting up within its borders, the state instituted a crypto moratorium and implemented restrictive bills such as the BitLicense which only allows those who run on clean renewable energy access into the state’s territory. Attorney General Leticia James has also taken legal action against several crypto institutions including Celsius and Coin Ex as a measure against fraud and corruption within the industry.
Solana Office Details
A spokesperson for the company has stated that Solana Labs has taken out a ten year lease on floors six through nine of 141 E Houston St., with 75% of this space reserved for Solana ecosystem teams to co-work for free upon approval. Andrew Kimball – President & CEO of NYCEDC – commented about how this move could help foster innovation amongst entrepreneurs working together within their city: “As we continue our efforts to make NYC home to leading technology firms driving job creation throughout our five boroughs, we are thrilled that Solano Labs has chosen Manhattan’s Lower East Side as its new home.“
What This Means For Digital Currency
This news may come off strange due to New York’s unfavorable climate towards digital currency but it could actually have beneficial implications in terms of fostering innovation amongst entrepreneurs working together within their city under one roof. It will be interesting to see what comes out of this venture once everything gets settled and if other states follow suit by loosening restrictions on cryptocurrency businesses within their borders.
Conclusion
Overall, although it seems unlikely at first glance that Solano Labs would open up an office in one of America’s most unfriendly states towards cryptocurrency operations, this move may prove beneficial due to allowing entrepreneurs from all different parts of the world work together under one roof and create something special with their collective knowledge and expertise.