Prominent billionaire investor, Mark Cuban has revealed that a recent development in the state of California, United States could augur well for the blockchain industry and cryptocurrency. Cuban shared his thoughts with members of the X community while clarifying issues for a user who sought clarification on the decision of the California Department of Motor Vehicles (DMV) to employ blockchain technology in its operation.
Mark Cuban on the Crypto Adoption Impact
Cuban noted that the move will have a massive impact for the crypto community as it could trigger notable adoption of cryptocurrency wallets.
The reason why this is HUGE for crypto is because the people holding the tokens will have an app with a Avalanche wallet.
Tens of millions of Californians having and using a crypto wallet over the next 5 years or however long it takes , normalizes the use of wallets and crypto… https://t.co/5Xx6FseGXl
— Mark Cuban (@mcuban) July 31, 2024
He hinges his prediction on the fact that blockchain technology serves to drive crypto and with the novel initiative by California DMV, millions of residents could start using crypto wallets soon.
The billionaire entrepreneur maintained that integrating the wallet so it has other applications for everyday use could help leapfrog its acceptance by regular residents that were not crypto inclined.
Cuban, however, took a jab at the U.S. Securities and Exchange Commission Chairman, Gary Gensler not to sue the state of California when the value of the token representing each car title goes up or down based on the efforts of the state to promote it.
Partnership and Its Implications
As per the development, California’s DMV authorities partnered with a tech started backed by the Avalanche blockchain to develop an app that will ensure residents of California have easy access to their vehicles.
John Wu, the President of Ava Labs while speaking on the development explained that the app has a wallet that downloads to users’ phones.
“So the first step was creating the 42 million titles associated as a token on the Avalanche blockchain, that’s what the State of California DMV has already done and now what they’re doing is they’re creating a wallet where you download on your phone,” Wu stated.
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