At a recent panel discussion at Money20/20, experts from Ripple, Domin Network, and Kraken shared insights on the evolution of blockchain technology and its security implications. The panelists emphasized the importance of merging traditional finance (TradFi) with blockchain to understand its broader impact and future potential.

Ioana Surpateanu from Domin Network noted that blockchain helps optimize and attract consumers in creative industries. She stated, “The coexistence of TradFi and blockchain is already a reality and will continue to evolve.”

Throughout Money20/20, speakers stressed the significance of interoperability in preventing fragmentation and fostering innovation in the blockchain space. Surpateanu highlighted this, reinforcing the need for centralized exchanges to secure platforms for both retail and institutional customers to engage with crypto.

A Busy Year for Blockchain Technology

Reflecting on the past year, the panel discussed the substantial growth in the crypto market, particularly in blockchain. Surpateanu mentioned, “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 focused on developing technology that validates and authenticates data across different blockchain layers, enabling users to exchange digital items for physical ones through tokenization. This technology is attracting significant interest from fashion and gaming companies, as it helps them gather valuable insights and strengthen their user communities.

Kaushik Sthankiya from Kraken highlighted the platform’s growth, noting, “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.”

Blockchain in Payments and Banking

The discussion then shifted to the practical applications of blockchain in payments. Ripple’s Cassie Craddock shared how cross-border payments have become 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 emphasized Kraken’s role in facilitating large-scale transactions, explaining that institutional customers have a growing demand for the instant movement of substantial amounts of money worldwide. He stressed the importance of the safety and security provided by centralized exchanges in meeting this demand.

“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,” Surpateanu commented.

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