Money2020 Conventional banks urged to integrate blockchain technology
During a panel discussion at Money20/20, Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya explored the transformation of blockchain technology and its security implications in the emerging market.
All three panelists unanimously agreed on the significance of integrating traditional finance (TradFi) with blockchain technology to comprehend its broader impact and the future of blockchain. Surpateanu emphasized that blockchain aids in optimizing and attracting consumers in creative industries, highlighting that the coexistence of TradFi and blockchain is not just a concept but a reality that will continue to develop.
Throughout the event, there was a strong emphasis on interoperability, with Surpateanu echoing this sentiment by emphasizing that interoperability is crucial in preventing blockchain fragmentation and fostering innovation. The panelists also emphasized the importance of centralized exchanges in providing secure platforms for both retail and institutional customers to engage with cryptocurrencies.
Reflecting on the past year, the panelists discussed the significant growth of the crypto market, especially in the blockchain sector. Surpateanu mentioned the shift in focus from ‘blockchain, not crypto’ to infrastructure, with the crypto market cap now exceeding $2.6 trillion USD. She is currently focused on developing technology that validates and authenticates data across different blockchain layers, enabling users to exchange digital items for physical ones, such as tokenization, which has piqued the interest of fashion and gaming companies.
Sthankiya highlighted Kraken’s growth and the evolving crypto landscape, noting that the industry has matured significantly over the past twelve years. Kraken now operates in 190 countries, offering over 200 tokens for trading, with improved safety, security, and regulatory compliance standards.
The discussion then shifted to the practical applications of blockchain in payments, with Craddock mentioning how cross-border payments have become faster and more efficient thanks to blockchain technology. Sthankiya emphasized Kraken’s role in facilitating large-scale transactions, particularly meeting the growing demand from institutional customers for instant global money movement. Surpateanu added a critical viewpoint on banks’ integration with blockchain, suggesting that banks could do more to embrace the ecosystem despite regulatory concerns and a compliance-driven mentality holding them back.
