Todd Morley, a co-founder of global investment firm Guggenheim Partners, has thrown his financial backing behind a new blockchain tower in midtown Manhattan, New York.
A wireless network that improves access to digital ledgers (a set of technologies that underpin digital currencies) will be incorporated into the building at 111 West 57th Street.
The skyscraper will also include a museum for non-fungible tokens (NFTs), units of data that certify a digital asset to be unique and, therefore, not interchangeable.
Morley said: “This one building will be able to connect, sort of like a hand radio operator, everyone in New York City to a crypto trading wireless communication.”
Morley is now the chairman of Overline Network, the only mineable interoperability protocol that can connect all blockchains.
The company CEO is Patrick McConlogue, who previously worked as a data scientist at hedge fund company Citadel.
Overline Network is working on the Manhattan project with JDS Development Group and hopes to make the wireless network available on more skyscrapers, including some outside Manhattan, according to McConlogue.
The aim is to allow anyone within a defined radius to have wireless access to blockchains, regardless of their internet connections or mobile phone networks.
Blockchain is already intertwined with financial services and so communicating is a big part of that, Morley noted.
Overline has developed a new way to decentralise communication – wireless communication – that could be used at the speed that would even allow crypto mining, he added.