I thought banks were the enemy of Bitcoin? Guess it's market cap is high enough that it too must be corrupted by the powers at be.
Wyoming passed new laws to address that. There were home grown laws in a state that routinely updates its business laws to be attractive. Wyoming is like the western US version of Delaware, but better in my opinion.
Wyoming often passes laws for things other people are ignoring or don't respect yet because their business school didn't tell them to respect it yet.
Instead of SPDI attracting existing banks, an existing cryptocurrency exchange decided to become a bank.
This conveys full access to the US and international financial system: ACH, Fedwire, SWIFT.
The funny part is that I've often seen crypto enthusiasts (including here on HN) claim that cryptocurrencies are the future and not as hard to use as people say, and then they go on to talk about their Coinbase provided Visa card how convenient it is. Good work guys, you've reinvented banks with extra steps.
DeFi is currently just hype and experiments but there is no reason why it would not mature in the next decade or two.
> you still need a bank to take care of your money if you don't want to be one hard drive failure away from losing access to the entirety of your funds.
That is just not true. Multi-sign with variable weights and quorum exists. Storage of the private key(s) also does not need to be digital at all. It's just a number often represented as string of chars and numbers or as mnemonic phrase usually just 24 words long. It is rather trivial to store multiple times in different places just make sure no one can find the full key or enough keys to sign a transaction.
For the record i'm not particularly a crypto fan boy, I have a degree in economics, and I've worked in finance so I don't think I fall into your clueless crypto enthusiasts bucket.