According to the Bloomberg report, many companies are still focused on quarterly profits and shareholders, but that model will 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. Gigi Levy-Weiss, a general partner at NFX, said that 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 would end up without a future.”
Binance CEO said only a few traditional firms actually embrace crypto and blockchain.
Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange by volume, agreed with other crypto executives. “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 the price of bitcoin and other altcoins soared. 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.
“There are still significant issues on the road to digital evolution.”
Binance CEO Changpeng 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, who is on Facebook’s Advisory Council., said bigger countries should have an easier time implementing a digital currency. The difficulties experienced by Facebook and the Libra currency project show that it’s the opposite for companies, where the bigger ones will get more pushback for their plans, he said.
