Solana Labs Opens Community Office Space in Lower Manhattan

Just months after Solana’s themed brick-and-mortar stores in New York and Miami closed, Solana Labs has announced new office space.

The blockchain technology company behind the 10th largest cryptocurrency by market capitalization will open a 4-story, 25,000-square-foot community office space in Lower Manhattan today, according to a Thursday announcement.

Those who work on projects Solana they will be able to work together in the space and Solana-related events will also take place there, the announcement added.

Solana Labs will not disclose how much it paid to set up the office, according to a spokesperson for Decrypt. But the company clarified that it is renting the space.

“Solana Labs did not purchase the space. Solana Labs is a tenant of 141 E Houston St.,” the spokesperson wrote in an email. “The company has a 10-year lease and occupies floors 6-9. 75% of the space is reserved for Solana ecosystem teams to work together free of charge upon approval.”

“New York has all the ingredients to be the global epicenter of Web3,” said New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball.

“It has the arts, the culture, the innovation, the technology and the talent. It’s exciting to see the Solana community plant a flag here in New York and let the world know that the city is the place to build on blockchain.”

Solana Labs co-founder Raj Gokal said the company was “doubling down” its efforts to make sure “early-stage entrepreneurs have a place to build and collaborate.”

Solana is a blockchain platform that aims to compete with Ethereum. Its native token, SOL, has a market capitalization of $7.9 billion.

The blockchain has a vibrant ecosystem, with developers working on development projects. tokens no fungibles (NFT)decentralized finance (DeFi) protocols and even a android phone.

But the ecosystem was hit hard after the collapse from digital asset exchange giant FTX in November; the failed cryptocurrency firm had deep connections to Solana, so when it went bust, many investors sold their SOL holdings.

Solana Spaces, Cryptocurrency Themed Retail Stores, in February announced the closure of its company-owned and operated stores, citing the brutal crypto winter for the shutdown.