Texas has made itself the most welcoming state for crypto and blockchain companies with a statewide lobbying council and very friendly rates for crypto miners.Mance Harmon graduated from college in 1993 when the World Wide Web was just getting ripples, so he remembers the frustrations of trying to explain it to his parents. It didn’t make sense to them until they got an email account, but now, everyone intuitively understands the Internet, he said.
“It’s awesome. But it’s also very weird,” he said. “There’s no other industry where I’d be sending anime pictures to my clients or my clients’ investors.” In 2021, the entrepreneur’s Dallas Mavericks team started accepting Dogecoin cryptocurrency as payment for tickets and merchandise and signedSecond, they agree that Texas is definitely the it place if you just focus on crypto mining, because the state is willing to negotiate “fantastic” rates for the power-heavy activity.
“Dallas is likely where a lot of the money will come from in the space with the hedge funds, private equity and family offices,” said Patrick Zielbauer, who handles global strategic accounts for Austin-based Blockfills, a company that connects investors to crypto companies. The states with the most welcoming regulatory environments are the ones that will become the “it states” in the long run, said Shahzad Nathani, head of business development at Richardson-based blockchain startup Shardus.“It’s the political and regulatory environment that matter,” he said.
“We believe that Texas can lead the world in establishing a climate of innovation around blockchain technology,” Bratcher said in a statement ahead of the event.The Texas Legislature passed two key bills, signed into law by Gov. Greg Abbott, whoin February 2022 that “The Lone Star State is poised to be a world leader in blockchain & cryptocurrency.”
Funding for U.S. crypto and blockchain companies in 2021 increased about 730% from 2020 to $14 billion, according to a CB Insights report. The median deal size in the U.S. was $5 million, the report said.got a $5 million cash infusion The vote of confidence from institutional investors has come in spite of the ongoing “crypto crash” occurring alongside the broader market crash happening in response to rising interest rates and geopolitical uncertainty.
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