Bloomberg reports that about 200 employees of ConsenSys Inc., the blockchain startup co-created by Ethereum guru Joseph Lubin, are the latest blockchain and crypto entrants in Brooklyn after taking over a space at 49 Bogart St. in the Bushwick neighborhood.
According to the news outlet, while the building looks abandoned from the outside and is covered with graffitti, the 200 crypto experts are busy exploring the next moves that will reshape the world.
Despite working in a fairly modest building, the influx of the crypto gurus have positively impacted on the neighborhood, with it being likened to such cities as Hong Kong and San Francisco.
The arrival of the new gang of blockchain experts is helping to regenerate Bushwick and Williamsburg, which were once at the heart of New York’s industrial hub. The new entrants are occupying abandoned warehouses and streets in the area are now donned with cafes and shops, giving the area a new lease of life.
Tyler Clark, co-founder of blockchain developer Cryptonomic explains,
ConsenSys has been an inspiration to us,
“There’s an energy here that you don’t find in Manhattan or anywhere else in New York,” he elaborated to Bloomberg.
Taking Over From Manhattan
While there are a number of blockchain startups in Manhattan, they are more closely linked to established companies like Microsoft and Intel. The more rebellious startups feel that Bushwick and Williamsburg can more easily accommodate them than Manhattan.
The area is now being referred to as Cryptolandia, which was coined by single-named Vishakh, a former Vice President of technology at JPMorgan and Clark’s partner in Cryptonomic.
To illustrate how Brooklyn has developed as a crypto development hub, during the Ethereal Summit to be held in New York on May 11th and 12th, key speakers have been drawn from the area. Lubin is one of the key speakers who is scheduled to address the summit, along with Wall Street luminaries Nouriel Roubini and Michael Novogratz.
However, Manhattan still has several blockchain based firms like the R3 consortium. Asked about Brooklyn becoming the hub for blockchain experts, R3 Managing Director Charley Cooper said,
Blockchain for business is Manhattan, not Brooklyn.
Lubin attributes the latest development to Brooklyn being cheap, at least by New York City standards. He further argues that it was an easy decision for him and his team since most the members were already living in the area.
“It was a group of people who were locally situated and who appreciated the Brooklyn vibe,” Lubin said in an interview. “It definitely had a warehouse vibe all around the world for a long time, and I think we resonated with that”.
Image Credit: Deposit Photos
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