Colorado is Now Open to Blockchain Companies

Colorado is open to Blockchain companies. Governor Jared Polis of the US state of Colorado invited 18 Blockchain entities to the State Capitol. In front of a crowd of over 100, the Governor went on to say:

“Colorado is now open for business, for Blockchain Firms.”

The Blockchain day event was hosted in Capitol on February 27. The event sought to connect and teach legislators, and regulators, as well as the broader technology sector about the Blockchain initiative.

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It was the Governor’s first event in honor of the Blockchain community since he assumed the seat in January. Polis isn’t unaware of the Blockchain technology or crypto.

He ended a ten-year tenure in the United States House of Representatives to become Governor of Colorado. In 2016, Mick Mulvaney (R-SC) and Polis (D-CO at the time) both co-founded the Congressional Blockchain Caucus. They did this to teach members of Congress about the benefits of emerging technology.

We can also recall that Polis was the first Congressman to accept donations in Bitcoin (BTC) for his political campaign.

At the capitol, Governor Polis had nothing but praise for the efforts of Governor John Hickenlooper. Hickenlooper was the state’s former Governor who created the Colorado Blockchain Council. Polis’ speech framed the Blockchain initiative as the perfect solution to political problems.

About the Colorado Digital Token Act

Colorado is seeking to define its stance on Blockchain technology and digital assets aggressively. The urgency may partly be motivated by competitiveness, after a company behind Cardano, IOHK, revealed that it would leave Hong Kong to establish itself as a US firm.

Instead of settling in the state of Colorado, IOHK chose Wyoming. Hence, the need to enact the Digital Token Act.

Colorado’s Blockchain Entities Have Begun to Arrive In Full Force

In the last three years, Blockchain companies based in Colorado have raised $50 million in VC funding. The state’s Governor hopes that figure would reach hundreds of millions in coming years.

ETHDenver was one of the entities present.

Local companies like Wampei (which helps merchants accept BTC payments via a bank or without a bank), SALT Lending (a startup that leverages digital assets for loans in regular cash) and RevoKind (which designed a patented consensus mechanism known as Swarm Sync protocol” for high-level solutions were also represented at the event.

International organizations like the Global Women in Blockchain were also in attendance. One local university-based organization known as HackCSU were around to discuss an upcoming hackathon slated for May of 2019.

What the Future Holds for the State

Now that Colorado is open to Blockchain companies, Governor Polis believes the emerging technology will improve supply chains and cybersecurity. He is also of the view that it will play a huge role in national security, and electoral security.

To serve the Blockchain industry better, Governor Polis suggested that Colorado needs to implement more legislation in support of the initiative. The next step is to challenge Federal regulations and request exemptions for local companies.

If successful, Governor Polis hopes the Digital Token Act that was just enacted will “make Colorado a base for Blockchain companies in the country.”

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