Cloud Nalu Joins Hawaii’s DCIL
Hawaii has opened the door for more companies to join in the Digital Currency Innovation Lab (DCIL). Typically state law would require crypto companies to maintain a cash fund equal to their digital currency, but sandbox participants are exempt from this rule. They are also exempt from the mandatory money transmitter license. Cloud Nalu, a Hawaiian startup company, has decided to take this opportunity and dive into cryptocurrency.
Cloud Nalu is launching a bitcoin brokerage and custody platform in Hawaii next month. That would have been impossible to do without the sandbox’s regulatory clarity. Cloud Nalu is a Bitcoin & Technology Integration Platform. They work to integrate blockchain technology into existing business practices. Thanks to this new cryptocurrency opportunity, they will be rolling out a beta program to let them broker buying, selling, and holding bitcoin within a private, secure dashboard for Hawaiian residents.
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