United States of Crypto: New York

At Coinbase, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto. Coinbase specifically chose to become a public company in the U.S. because we believe the U.S. would be best served embracing this fundamental innovation. In the fourth part of our "United States of Crypto" series, the spotlight gleams on crypto innovation and leadership at the epicenter of technological innovation, art, and fashion – New York.

As Coinbase continues its mission to update the financial system and promote economic freedom worldwide, it is heartening to witness the resolute efforts of individuals in the U.S., especially in New York, where crypto and web3 adoption is rapidly gaining traction: 19% of New York residents own crypto. New Yorkers are optimistic about the possibilities of crypto, with ~1 in 3 agreeing that  “cryptocurrency makes the financial system more fair” and that it is a “worthwhile investment for the future according to a Morning Consult study that Coinbase commissioned. 

With New York residents embracing the idea of cryptocurrency, innovation, and the power of blockchain, the state continues as a notable hub for this transformative technology and the crypto movement. New York state boasts a whopping 692 blockchain organizations with 800+ founders. Moreover,  more than half—52%—of the Fortune 100 have pursued crypto, blockchain or web3 initiatives since the start of 2020. Tech, financial services and retail account for most of the initiatives (≈75%) undertaken by Fortune 100 companies since Q1 2020, and many of them reside in New York. 

But it’s not just finance, retail, and technology that flourishes in New York. This vibrant state is home to Morphew, a fashion, art and lifestyle brand that ingeniously blends antique fashions with futuristic trends and technology. The company started as a fashion consulting agency–specializing in curating one-of-a-kind vintage pieces as inspiration for consulting with fashion houses on their latest collections. As their business evolved, preserving and archiving their unique collectables became top of mind.

“We are always pushing the boundaries of innovation and as an early crypto adopter myself, I wanted to leverage the power of blockchain technology to archive one-of-a-kind fashion collectibles,” says Bridgette Morphew, Founder and CEO of Morphew. 

To launch their NFT collection, Morphew partnered with Arx, a hardware technology company that makes chips that can be embedded in any item to pair physical garments with a blockchain based digital version. All a consumer needs to do is scan the Arx hardware chip with their smartphone camera, and then they are taken to a website that shows the NFT. It was important to Morphew to provide a seamless user experience.

Through the Arx chips, Morphew’s Genesis NFT collection is stored onchain, allowing for the digital authentication and exhibition of fashion through photorealistic 3D renderings that can be displayed like pieces of fine art while the physical pieces are preserved and protected. Morphew launched the NFT collection at Art Basel Miami. 

For Morphew, New York is a natural home base. As a company where the past meets the present and fashion converges with technology, it was a no-brainer to be centered in New York City, given its deep history as a home to both major fashion brands and cutting-edge innovation. Additionally, as the team actively seeks out venture capital investment, they are encouraged by the number of crypto VCs in New York. 

"New York is the center of the fashion industry. Morphew highlights and preserves the past while creating the future of digital fashion archival. Crypto is paving the way for artists to create and authenticate their work, that's why we're encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion, " says Bridgette Morphew, Founder and CEO of Morphew. 

At Coinbase, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto. We’re doing this because we fundamentally believe crypto and blockchain technology are key to increasing economic freedom and opportunity around the world. The swift adoption of crypto and web3 technologies within the state, with nearly one-fifth of New Yorkers owning cryptocurrency, signals a promising future for crypto in New York.

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¹Source: Morning Consult Crypto Perceptions Study Q1’23

²Source: Crunchbase

³Source: State of Crypto Report: Corporate Adoption June 2023