MoonPay is set to open its US headquarters in New York City’s SoHo, cementing its role in a growing crypto industry in the city. This relocation is seen as a positive shift for crypto firms, which previously shied away due to stringent regulations. Under Mayor Adams, the city has fostered an environment looking at innovation rather than just compliance, attracting numerous companies to set roots. MoonPay’s expansion comes with significant growth in its transaction volumes, indicating a thriving market.
MoonPay is making waves by opening a new headquarters in New York City, specifically in SoHo, which spans over 5,000 square feet. This move signifies the growing presence of cryptocurrency firms in NYC, with MoonPay adding its name to the list of digital currency companies establishing themselves in the area. Keith A. Grossman, the firm’s president, highlighted New York as a hotbed for opportunities, driven by regulatory advancements and a vibrant business environment.
The momentum in New York’s crypto scene can be attributed to various factors, including the regulatory stint under President Trump, which has led to a more welcoming atmosphere for businesses. Grossman pointed out that the crypto industry is integral to the city’s economic fabric, driving job growth and attracting investments. With around 130 crypto firms now operating in the city, NYC’s status as a global financial centre is being reinforced.
This transformation is particularly notable when comparing today’s landscape to a decade ago, when the introduction of the BitLicense caused many crypto businesses to shy away from New York due to stringent regulations. Back in 2015, the licenses aimed at consumer protection but were deemed overly burdensome by various crypto firms, prompting them to head to less restrictive environments. At that time, MoonPay’s founders chose Miami as their base after launching in 2019.
Fast forward to recent years, and there’s been a shift. Under Mayor Eric Adams, who took office in 2021, there’s been a more favourable attitude towards crypto, with a focus on innovation instead of just compliance. Although the BitLicense remains, companies are now encouraged to explore opportunities in the city. Notable firms like Coinbase and Gemini have expanded their New York footprints recently.
MoonPay’s Grossman views the NYC headquarters as crucial for scaling their operations and contributing to the future of US crypto innovation. Earlier this year, CEO Ivan Soto-Wright was part of a discussion at the Crypto CEO Forum, addressing federal oversight. In April, he also wrote to Congress advocating for clearer regulations concerning stablecoin issuers.
As MoonPay’s growth accelerates, evidenced by a staggering 123% increase in transaction volume this past quarter, the company is excited about its new NYC base. The NYNext story highlights the significance of such developments for the city’s financial ecosystem, especially in the wake of the recent crypto market upturn. Grossman expressed optimism about establishing their headquarters in a city that is increasingly establishing clearer regulatory and legislative pathways in the ever-evolving crypto landscape.
