Quantumcloud claims to be different than other mining apps by focusing on data security and ease of use. It promises to protect user data and comply with the EU’s General Data Protection Regulation (GDPR) regulations. It does not require users to create new accounts for the app, as they can log in with their existing accounts on Paypal or the popular Chinese messaging app Wechat. Wallet management, cryptocurrency mining mix, currency conversions and fiat transfers are also integrated into the back-end of the software.
Members of the Wyoming State Legislature have passed a bill that sets the stage for the creation of dedicated financial institutions to provide services to cryptocurrency companies. The legislation is meant to help with the establishment of crypto companies in the state, as they often struggle to secure financial services from traditional banks.
The bill talks about creating “special purpose depository institutions,” as news.Bitcoin.com reported when it was drafted. They could be licensed as money transmitters in Wyoming and provide exchange services for both cryptocurrency and fiat funds. Each institution would have to open a branch in the state and operate within the federal banking system. Clients would be obliged to maintain 100 percent cash reserves to match their digital money accounts, and hold a minimum balance of $100,000 in fiat or cryptocurrency.
If you want to test your basic knowledge of the subject, the clues were: An altcoin is any unit of cryptocurrency other than this original one; A lawsuit from this rapper killed off the Coinye currency; Each transaction is a “block” connected in these digital ledgers that enable cryptocurrencies to work; This three-letter chat app created its own currency, the very similarly named KIN; In 2018, this South American country launched the Petro, a currency backed by oil reserves.
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