Throughout 2022, the cryptocurrency sector sent out shockwaves that hit investors and those interested in entering the market – particularly Wall Street and fintech – with the recent collapse of FTX Impairing the development of trust between Wall Street, fintech and cryptocurrencies.
However, Wall Street remains eager to get into the crypto industry, she said Adam LevinVice President of Corporate Strategy fire blocks.
“In a word, yes,” Levine said Gasoline Gas Global Fintech Deal Day on Thursday. “Wall Street and financial institutions are really interested in what cryptocurrencies have to offer and seeing the future of financial services going digital and tokenizing – that’s where we’re seeing a lot of activity right now.”
In 2021, hedge funds and international clients traded $1.14 trillion in crypto Coinbase Global Inc. COINan increase from $120 billion in 2020 to more than double the $355 billion traded by retail investors.
“These institutions have spent months and in many cases over a year looking for the right strategy [to enter the space]’ Levin said. “We see the noise over the past few months, very unfortunate, but that doesn’t derail their engagement.”
John Averystrategy and product management FIS Global, Heading into 2023, fintech is most excited about the use cases for the cryptocurrency sector; three of them, to be precise.
“The first,” Avery said, “is the interconnection of traditional financial systems and processes [and] operations into digital assets.”
“Tokenization of real-world assets,” Avery said of the second use case. “Using Web3-Rails for traditional assets as a new form of technology and infrastructure to process and power those assets.”
For the third use case: “We are also seeing demand for stablecoins and other forms of value…
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