Money20/20: Traditional financial institutions need to merge with blockchain technology

As a seasoned crypto investor with a background in traditional finance, I’ve witnessed the evolution of blockchain technology firsthand. The panel discussion at Money20/20, featuring Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya, was particularly insightful.

During a lively debate at Money20/20, Cassie Craddock from Ripple, Ioana Surpateanu of Domin Network, and Kaushik Sthankiya from Kraken delved into the advances and security concerns surrounding the development of blockchain technology within the burgeoning financial market.

Each of the panel speakers unanimously emphasized the significance of blending conventional finance systems with blockchain technology in order to fully grasp its far-reaching implications and the potential future development of this innovation.

As a crypto investor, I’ve noticed that Blockchain technology plays a significant role in enhancing and engaging consumers in the creative industries. Traditional finance (TradFi) and Blockchain are no longer mutually exclusive; they coexist and will keep advancing together.

At Money20/20, many speakers have stressed the significance of interoperability. Surpateanu additionally highlighted this point, explaining that interoperability helps prevent segmentation within blockchains and encourages new advancements.

As a researcher studying the cryptocurrency market, I’ve observed that centralized exchanges are frequently recommended by industry experts due to their role in providing secure platforms for both retail and institutional investors to interact with digital currencies.

Money20/20: Traditional financial institutions need to merge with blockchain technology

A busy year for blockchain technology

Pondering over the last twelve months, the panel explored in depth the significant expansion of the cryptocurrency sector, with a particular focus on the thriving blockchain market.

When I started working at Citigroup in 2017, the consensus was “it’s all about blockchain, not crypto.” However, things have changed since then. Nowadays, we’re discussing a cryptocurrency market capitalization that surpasses $2.6 trillion USD.

As a crypto investor, I’m particularly intrigued by Surpateanu’s mission to create technology that ensures the legitimacy of data across various blockchain networks. This innovation paves the way for users to trade digital assets, such as tokenized representations of physical items like fashion merchandise or in-game collectibles, for their real-life counterparts. The appeal is evident among forward-thinking companies within the fashion and gaming industries, as they stand to benefit greatly from this technology through enhanced user engagement and valuable insights.

Sthankiya further highlighted Kraken’s growth and the evolving landscape of crypto.

As a seasoned crypto investor looking back over the past dozen years, I can’t help but marvel at how much our dynamic industry has evolved. Today, we reach investors in 190 countries around the world, providing a diverse selection of more than 200 tokens for trading. The focus on safety, security, and regulatory compliance within the crypto sphere has seen tremendous advancements.

Blockchain in payments and banking

The discussion subsequently centered around the real-life uses of blockchain technology in payment systems. Craddock highlighted the advancements, specifically in the area of cross-border transactions, which now take less time and operate more smoothly.

As a researcher, I’ve come across an intriguing observation: transferring funds to Australia via air travel is faster than making an international wire transaction. This incongruity is addressed by the implementation of blockchain technology.

As a crypto investor, I’ve noticed the significant role Kraken plays in handling large-scale transactions. Institutional clients require the swift transfer of substantial funds across borders, and the safety and reassurance offered by centralized exchanges like Kraken are essential in fulfilling their needs.

Surpateanu also provided a critical viewpoint on banks’ integration with blockchain.

“Banks have the potential to become a bigger part of the cryptocurrency landscape, but they face challenges in doing so. Despite having skilled teams with expertise in crypto, strict regulations and a compliance-focused mindset can hinder their progress,” she explained.

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2024-06-06 21:58