This past week, Hawai'i announced a new development from its Digital Currency Innovation Lab (DCIL), which will allow crypto exchanges and other digital asset businesses to come to market.
Covid-19 travel bans and tourism shut down aside, this development should be a boon for local businesses when tourism reopens. Hawai'i typically sees a large volume of business each year from Japan, China, and Korea, and Oahu, where the capital of Honolulu is located, is already home to a number of crypto ATMs.
The project kicked off on August 19, and is slated to run through December 31, 2022, with program participants projected to go live at different points throughout the program. In total there were 19 applicants, with 12 participants selected for the program: Apex Crypto, bitFlyer, BlockFi, CEX.IO, Cloud Nalu, Coinme, Eris Clearing, Flexa, Gemini Exchange, Novi Financial, River Financial, and Robinhood.
Of note, Cloud Nalu is the only business headquartered in Hawai'i. Based on the island of Maui, my guess is that it will be a key player in activating businesses in the crypto space as its long-term survival is dependent upon blockchain and cryptocurrency thriving throughout Hawai'i.
Let's hope all of these businesses can thrive as this is an exciting time for crypto-enthusiasts in Hawai'i and its visitors for sure!
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