Solana Labs has opened a 25,000-square-foot, 4-floor office space in Lower Manhattan, reaffirming their commitment to the growing New York City blockchain scene. Co-working and Solana-related events will take place in the space, and this project is seen as having a large positive economic impact on the city. Andrew Kimball, the president and CEO of the New York City Economic Development Corporation, declared that New York City has “the arts, culture, innovation, technology, and talent” to become the world’s new blockchain epicenter. Co-founder of Solana Raj Gokal also backed this point, claiming that they “are doubling down to make sure early-stage entrepreneurs have a place to build and collaborate.”

Solana is a blockchain platform that is competing with Ethereum and its native token, SOL, has a currently has a market capitalization of $7.9 billion. There is a high level of activity amongst its developers who are working on NFT projects, DeFi protocols, and even an android phone. Nevertheless, the Solana ecosystem was taken a hit in November due to the collapse of FTX, a digital asset exchange that had many ties with Solana. These events correlated with the closure of the Solana Spaces retail stores, which cited the bear market as the reason for shutting down.

However, this newly-opened office space in New York City shows that the Solana team has faith in the longterm investment of its platform and is dedicated to grow its community despite recent challenges.

At the end of the day, this move will provide a place for some of the brightest blockchain and cryptocurrency minds to connect, engage, and innovate. It is hoped that this move will help to further New York City’s position as Blockchain Epicenter of the World.



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