The panel discussion at Money20/20 featuring Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya explored the evolution of blockchain technology and its security implications in the emerging market. The panelists emphasized the importance of merging traditional finance with blockchain technology to understand its wider impact on the future. Surpateanu highlighted that blockchain helps optimize and attract consumers in creative industries and that the coexistence of traditional finance and blockchain is already a reality that will continue to evolve. The importance of interoperability was also discussed, with Surpateanu noting that it prevents fragmentation in blockchains and fosters innovation. Centralized exchanges were cited as a way to secure platforms for retail and institutional customers to engage with crypto.
Reflecting on the past year, the panelists discussed the significant growth of the crypto market, especially in the blockchain sector. Surpateanu noted the shift in focus from ‘blockchain, not crypto’ to infrastructure, with the crypto market cap now exceeding $2.6 trillion USD. She spoke of the importance of developing technology that validates and authenticates data across different blockchain layers, allowing users to exchange digital items for physical ones through tokenization. Sthankiya highlighted Kraken’s growth, operating in 190 countries and offering over 200 tokens for trading, with improved safety, security, and regulatory compliance in the industry.
The conversation then shifted to the practical applications of blockchain in payments, with Craddock discussing how cross-border payments have become faster and more efficient through blockchain technology. Sthankiya emphasized Kraken’s role in facilitating large-scale transactions for institutional customers who have a growing demand for instant movement of substantial money worldwide. Surpateanu provided a critical perspective on banks’ integration with blockchain, noting that while there are talented crypto-savvy teams within banks, regulatory concerns and a compliance-driven mentality often hold them back from fully embracing blockchain technology.
Overall, the panel discussion at Money20/20 highlighted the importance of merging traditional finance with blockchain technology, the significance of interoperability in preventing fragmentation and fostering innovation, and the role of centralized exchanges in securing platforms for retail and institutional customers to engage with crypto. The panelists also discussed the substantial growth of the crypto market, the practical applications of blockchain in payments, and the challenges and opportunities for banks to integrate into the blockchain ecosystem. As blockchain technology continues to evolve, it is essential for industry players to stay informed and adapt to these changes to remain competitive in the ever-changing landscape of the blockchain market.
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