Hottest Cryptocurrency Developments Taking Place in Wyoming, Says Cardano Creator

News / 20.02.2020

Charles Hoskinson donated $500k cryptocurrency to the University of Wyoming (Blockchain Research and Development Lab in Laramie) in the past week via Cardano’s research arm. After the donation, the joint creator of Ethereum and Cardano’s creator, Charles Hoskinson, released an ask-me-anything session on YouTube.

Hoskinson elaborated on how the immediate wave of progress for cryptocurrency will happen in the banking world. He praised Wyoming as an amazing state, noting that several things are happening there which are amazing for cryptocurrency. He continued:

“I think some of the most exciting things are these special purpose, full reserve banks – banks that aren’t fractional reserve but rather have full reserve. And those banks will be capable of handling both fiat and crypto assets, and be tremendously useful for future digitization efforts, for example, creating stablecoins and custodial solutions, and so forth.

Wyoming is a cradle of activity and numerous great jobs will be created within the coming five or 10 years, said Hoskinson. Speedy banks in the state were legalized in 2019 and are a new type of banking entity specializing in cryptocurrency transactions.

The aim of the banks is to offer basic financial services, like Bitcoin payroll, and cryptocurrency management services for private keys and support other blockchain-based transactions.

As the cryptocurrency space keeps evolving, Morgan Stanley veteran and former member of the Wyoming Blockchain Taskforce, Caitlin Long, expressed her optimism regarding the influence of regulations on the industry.

“The opportunity to professionalize this industry to broaden its user base is huge and it’s coming…and yes Wyoming will be the home of that within the US.”

Wyoming is still the only state that has passed thirteen laws to form the basis for an effective legal framework for cryptocurrency entrepreneurs and firms development solutions for a digital economy based on blockchain.

According to Hoskinson, the cryptocurrency donated to the University of Wyoming is to bring forth additional blockchain innovation.

Featured image courtesy of Charles Hoskinson via Twitter. Source: Cryptopress.

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.