“A cryptobank to service blockchain companies in the USA? You must be kidding me!” That’s right, that was my first reaction when I heard that the authorities and crypto enthusiasts in Wyoming are currently contemplating the creation of such an organization. Of course, I immediately began to research this story and learned that it is not exactly a bank in the traditional sense: for example, it cannot issue loans, all the cryptocurrencies it holds must be 100% backed by liquid assets, and there is no fractional reserve system. However, in the sense of holding funds and performing cryptocurrency transactions, it will work just like a bank. By the way, the official motto of the State of Wyoming is “Equal Rights.” Considering how the local authorities are facilitating the development and promotion of blockchain technologies and the crypto industry, the state is living up to this motto. You need to grab the chance to attract crypto backers and their funds while you can. In many ways, Silicon Valley was born thanks to the creation of an industrial park around Stanford University. Who’s to say, perhaps the cryptobank in Wyoming will be the foundation for a future crypto valley.
https://www.ccn.com/wyoming-eyes-creation-of-blockchain-friendly-bank-to-lure-bitcoin-startups/