The Texas legal framework for cryptocurrencies and blockchain signed on June 5th has opened the doors for institutional participation, starting with 29 H-E-B locations that are installing crypto ATMs.
Bringing Crypto to the Masses
H-E-B, a Texas supermarket chain, has announced the launch of crypto ATMs inside their locations. According to The Houston Chronicle, the chain partnered with Coin Cloud to install the ATMs. Shoppers will have access to a variety of currencies including Bitcoin, Ethereum, Litecoin, and a host of stablecoins. The Texas governor, Greg Abbott (R) announced a masterplan for the crypto industry in early June this year. With this partnership H-E-B is taking full advantage of the strategies the governor laid out.
What is H-E-B?
According to their official website, H-E-B Grocery Company, LP is a privately owned company that has a network of more than 340 stores in the state of Texas and northeast of Mexico. In a pilot project that was announced by crypto ATM firm Coin Cloud, the firm will be running a pilot programme with H-E-B that will grant its customers access to more than 30 cryptocurrencies.
What is Coin Cloud?
According to their website, Coin Cloud is a crypto-purchasing company that has more than 2,000 kiosks installed in America with its own customised non-custodial wallet application. They are a two-way service that allows users to both buy and sell cryptocurrency in a hassle-free manner.
Crypto Friendly Legal Framework
The move by Texas was a forward looking one. It recognizes the need of its people to be exposed to this asset class and at the same time is assured that a legislative framework will ensure that safety and compliance is not compromised. The state authorities’ active participation would spur interest for crypto based projects to relocate to Texas. It has so far garnered interest from crypto mining firms such as Blockcap and Riot Blockchain to invest in the state by having their corporate office and mining facilities in Texas.
Whilst the crypto mining business may only involve a small group of people, the scale of adoption is different compared to opening the doors for mass adoption. Facilities such as crypto kiosks in a giant grocery supermarket chain is the most telling sign that crypto is here for the long haul.
Source : bsc.news
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