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Thursday, September 29, 2022
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Crypto Companies Flock to Texas

Business, Featured

Gold coins with cryptocurrency logos on them over a USD $100 bill. | Image from Getty Images

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Dallas is making a name for itself in the cryptocurrency sphere as more companies moved their operations into the city in the past two years.

One major catalyst was the passage of legislation last summer, HB 4474 and HB 1576, and Gov. Greg Abbott’s signature encouraging crypto companies to come to the state.

Bill 4474 amended the Texas Uniform Commercial Code to add a definition for virtual currency, which it defines as “a digital representation of value that functions as a medium of exchange, unit of account, and store of value and is frequently secured using blockchain technology.”

Bill 1576 created a group to oversee crypto regulations and development in the state, focusing on rules that have turned Texas into a central hub for the sector.

The state has seen a sharp increase in crypto mining operations in the last two years.

Lee Bratcher, head of the Texas Blockchain Council, said 3,500 megawatts of power are used across the country for mining bitcoin, and 40% of that comes from Texas.

Nevin Bannister, CEO and co-founder of Dallas-based Blockmetrix, added, “Being in Dallas has cryptocurrency a big selling point for investors because they know that it’s becoming the mining epicenter of the [United States].”

Abbott tweeted, “Texas is the land of opportunity & innovation. The Lone Star State is poised to be a world leader in blockchain & cryptocurrency.”

Despite favorable regulations and electricity rates, a true central hub for cryptocurrency does not exist. The selling point of the technology is that it can be done from anywhere.

Dallas Morning News reported that even before the new regulations passed, the Dallas-Fort Worth area was already a big player in cryptocurrency.

The world’s largest Bitcoin ATM operator, Coinsource, is headquartered in Fort Worth.

Dallas resident Hudson Jameson worked for five years at The Ethereum Foundation and was one of the names most associated with the currency, which is most commonly used to purchase NFTs.

Coinbase, the largest cryptocurrency platform in the country, bought Dallas-based startup Zabo.

For those interested in a greater understanding of the cryptocurrency world, The Texas Career Institute offers a nine-week online course designed to teach the basics of cryptocurrency and NFT transactions.

Many other seminars, self-taught courses, and instructor-led courses are available in the area for those interested in cryptocurrency or Blockchain technology.

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