Ten FAQ About “Crypto” for Corporate Directors | Foley & Lardner LLP
What is “crypto”? The term “crypto” is shorthand for “cryptographic asset,” which is generally understood to be a digital asset whose features and ownership are coded on a blockchain and protected by cryptography. The first notable crypto asset was bitcoin,[1] created on January 3, 2009. Other bitcoin-based crypto assets have been created since then. Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV) and Litecoin (LTC) are forks of the original Bitcoin protocol and related assets, while Wrapped Bitcoin (WBTC) is a digital asset backed by bitcoin but with enhanced functionality. But thousands of other crypto assets have nothing to do with bitcoin. A few well-known examples are Ethereum (ETH), Ripple (XRP), Avalanche…
