At the Money20/20 conference, Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya discussed the evolution of blockchain technology and its implications for security in the emerging market. The panelists unanimously emphasized the necessity of merging traditional finance (TradFi) with blockchain technology to understand its broader impact and the future of blockchain.
Blockchain and Traditional Finance Integration
Ioana Surpateanu highlighted the growing intersection of TradFi and blockchain, stating, “Blockchain helps optimize and attract consumers in creative industries. The coexistence of TradFi and blockchain is already a reality and will continue to evolve.” Throughout the conference, the importance of interoperability was a recurring theme. Surpateanu stressed that interoperability prevents fragmentation in blockchains and fosters innovation.
The panelists also pointed out the need for centralized exchanges to provide secure platforms for both retail and institutional customers to engage with crypto.
A Transformative Year for Blockchain Technology
Reflecting on the past year, the panelists discussed significant growth in the crypto market, particularly within the blockchain sector. Surpateanu remarked, “In 2017, while joining Citigroup, the mantra was ‘blockchain, not crypto.’ Since then, the focus has shifted back to infrastructure. We now talk about a crypto market cap exceeding $2.6 trillion USD.”
Surpateanu is working on technology to validate and authenticate data across different blockchain layers, enabling users to exchange digital items for physical ones, a concept known as tokenization. This technology is attracting significant interest from fashion and gaming companies, as it helps them gather valuable insights and strengthen their user communities.
Kraken’s Kaushik Sthankiya highlighted the company’s growth and the maturing landscape of crypto. “Crypto has matured significantly over the past twelve years. We now operate in 190 countries, offering over 200 tokens for trading. The safety, security, and regulatory compliance in the industry have vastly improved,” he noted.
Blockchain Applications in Payments and Banking
The discussion then turned to practical applications of blockchain in payments. Cassie Craddock shared insights on how blockchain has made cross-border payments faster and more efficient. “It’s quicker to fly money to Australia than to send an international wire. Blockchain technology addresses this inefficiency,” Craddock explained.
Sthankiya elaborated on Kraken’s role in facilitating large-scale transactions, emphasizing the growing demand from institutional customers for the instant movement of substantial amounts of money worldwide. The safety and security provided by centralized exchanges are crucial in meeting this demand.
Surpateanu offered a critical perspective on banks’ integration with blockchain, noting, “Banks could do more to integrate into this ecosystem. While there are talented crypto-savvy teams within banks, regulatory concerns and a compliance-driven mentality often hold them back.”
Conclusion
The panel at Money20/20 underscored the imperative for traditional financial institutions to merge with blockchain technology to fully realize its potential benefits. The speakers highlighted the need for interoperability, the growing maturity and security of the crypto market, and the significant advancements in blockchain applications for payments and banking. Despite regulatory challenges, the integration of TradFi and blockchain is already underway, promising a more efficient and innovative financial future.
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