Blockchain entrepreneur Charles Hoskinson, the co-creator of Ethereum and creator of Cardano, just dropped an ask-me-anything session on YouTube. After making a $500,000 cryptocurrency donation to the University of Wyoming last week through Cardano’s research arm, Hoskinson details how the next wave of progress for crypto will play out in the banking world.
“We just love working in Wyoming. It really is an amazing state. There are a lot of things under the hood that are happening in Wyoming right now that are just incredible for crypto. 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.
So Wyoming is just a hotbed of activity and a lot of great jobs are going to be created over the next five or 10 years.”
Legalized last year, Wyoming’s “speedy banks” are a new type of banking entity that specializes in cryptocurrency transactions. The banks will focus on offering basic financial services, such as Bitcoin payroll, as well as crypto management services for private keys and support for other blockchain-based transactions.
As the cryptosphere evolves, Morgan Stanley veteran and former member of the Wyoming Blockchain Taskforce, Caitlin Long, says she’s extremely optimistic about the impact 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 remains the only US state to have enacted 13 laws that lay the groundwork for a functional, legal framework for the crypto entrepreneurs and companies building solutions for a blockchain-based digital economy.
Hoskinson says the crypto donation to the University of Wyoming’s (UW) Blockchain Research and Development Lab in Laramie is intended to spur more blockchain innovation and could serve as a blueprint for future donations for other university students who want to set up their own campus research hubs.
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