New York and California, two of the largest homes to the United States’ digital currency and blockchain startups have been heavily criticized for their impractical and nonviable regulations towards startups offering bitcoin and cryptocurrency-related services. Ironically, it has been recently discovered that New York and California are so-called leading global fintech hubs of the world.
According to a report published by the World Economic Forum, New York and California just fell behind the United Kingdom in the global fintech hub rankings, securing the second and third spots in the world rankings.
The rankings were based on market size, investment, and fintech staff in the states or countries’ industries, in which all members of fintech startups and digital currency-related companies were recorded. In the investment and fintech staff criteria, California secured the top spot, with the state’s fintech startups securing nearly 4 times in investment compared to companies based in the UK.
Considering these statistics, California fintech startups and digital currency firms are starting to lead the state’s economy, attracting more investments than any other startups in other industries. If the growth of fintech and digital currency markets are fairly evident, what is encouraging California and