Skip to main content

Crypto Execs Say Finance Isn’t Ready for Digital Transition

 


(Bloomberg) -- Traditional finance has a long way to go before it’s ready to embrace digital currencies, say crypto executives. 

Many companies are still focused on quarterly profits and shareholders, but that model is going to be challenged in the next decade, speakers at the “Digital Money 2030” panel at the Singapore Fintech Festival said Tuesday. 

Tim Grant, the CEO of SIX Digital Exchange, said the future financial system should benefit everyone. 

“A bank that will not move this into their mainstream and be willing to give up a lot of their revenues now to secure their future will end up without a future,” said Gigi Levy-Weiss, a general partner at NFX. Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange by volume, agreed. 

“There are only a very few traditional organizations I see today that actually embrace crypto and blockchain and they are most likely to do well,” he said. 

Digital currencies have gained popularity this year as prices soar. 

Central banks from China to Europe to the U.S. are studying whether to create their own versions of digital currencies. 

Bitcoin is up about 170% and Ether has more than tripled since the start of the year. Meantime, institutions and investors are rapidly jumping into the space.



However, there are still significant issues on the road to digital evolution. 
Zhao noted that it’s still very difficult for consumers to hold cryptocurrencies securely. Levy-Weiss mentioned privacy, since many of these systems would be able to track people’s every transaction. 
Levy-Weiss said bigger countries should have an easier time implementing a digital currency. 
The difficulties experienced by Facebook Inc. and the Libra currency project -- now renamed Diem Association -- show that it’s the opposite for companies, where the bigger ones will get more pushback for their plans, he said. 
Levy-Weiss is on Facebook’s Advisory Council. 
“There’s more regulatory focus on these companies that will make it tougher for them to succeed in this field,” he said. 
“If anything I would expect there’s a chance smaller companies will do much better when it comes to sneaking under the radar and then growing fast.”

©2020 Bloomberg L.P. Source: bloombergquint.com

Comments

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

  The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1.  The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A