• Sun. Aug 14th, 2022

11 Companies Continue in Hawaii State’s Digital Currency Innovation Lab

ByHazel R. Lang

Jul 11, 2022

Cloud Nalu is the only Hawaii-based company admitted to the state’s Digital Currency Innovation Lab. Screenshot: Cloud Nalu website

Eleven companies have signed new two-year terms to participate in the Digital Currency Innovation Lab program in Hawaiʻi. The new mandates end on December 30, 2024.

The companies are Apex Crypto, BitFlyer, BlockFi, Cloud Nalu, Coinme, ErisX, Flexa Network, Gemini, River Financial, SoFi and UpHold, according to the Hawaiʻi Technology Development Corporation (HTDC) and the Hawaiʻi Division of Financial Institutions, Department of Commerce and consumption (HDFI).

“The decision by the majority of companies to continue their participation demonstrates the immense value of being part of the [Digital Currency Innovation Lab] DCIL and the ability to conduct business in Hawaiʻi, legitimately,” said Iris Ikeda, Commissioner of Financial Institutions, HDFI. “Through the DCIL, we will continue to study the effects and implications of digital currency transactions on Hawaii residents.”

In March 2020, with the launch of DCIL, Commissioner Ikeda issued a ‘no action message’ meaning that no action will be taken against any company conducting what HDFI would consider money transfer activity without a license, if the company is successfully admitted to the pilot project. program. This will be applied to the extended DCIL program.

“We are excited to be able to build on the momentum we have created for the state over the past two years,” said Len Higashi, Acting Executive Director, HTDC. “This will provide us with opportunities to engage more fully with existing businesses and benefit from the economic growth prospects for Hawaiʻi brought by the ability to be part of the crypto community.”


The sentiment is echoed by Cloud Nalu, the only Hawaii-based company admitted to DCIL.


“This is a great step forward for innovation in Hawaii,” said Liam Grist, CEO and Founder of Cloud Nalu. “This provides our company with a clear path to continue developing bitcoin software that enables Hawaii residents and businesses to efficiently and securely access bitcoin as a tool for building long-term wealth, making payments more efficient and modernizing our energy infrastructure.”

Trevor Filter, co-founder of participant crypto payment platform DCIL Flexa, said his company is excited to continue enabling Hawaii residents and businesses to execute digital currency transactions quickly and easily. safe from fraud.

“Hawaii has led the country in exploring collaborative and robust regulatory frameworks for the digital asset industry, and we look forward to the continued growth of the ecosystem under the DCIL to pave the way for other states to follow. in the future,” Filter said.


DCIL will admit new businesses when it opens its new application round in the third quarter of this year. For updates, visit the DCIL website at www.htdc.org/digital-currency-innovation-lab.

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