During a lively discussion at Money20/20, Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya delved into the changing landscape of blockchain technology and its impact on the emerging market’s security.

All three panelists concurred on the significance of bridging the gap between traditional finance (TradFi) and blockchain technology to grasp its broader implications and the future trajectory of blockchain.

Surpateanu highlighted, “Blockchain plays a crucial role in streamlining operations and attracting consumers in creative sectors. The coexistence of TradFi and blockchain is not just a concept but a reality that is continuously evolving.”

Throughout Money20/20, the emphasis on interoperability has been a recurring theme, with Surpateanu underlining the significance of preventing fragmentation in blockchains to foster innovation.

The panelists emphasized the necessity of centralized exchanges as a means to provide secure platforms for both retail and institutional clients to engage with cryptocurrencies.

A year of growth in blockchain technology

Reflecting on the past year, the panelists discussed the remarkable growth of the crypto market, particularly in the blockchain sector.

“In 2017, the focus shifted from ‘blockchain, not crypto’ to infrastructure,” Surpateanu remarked. “Today, we are witnessing a crypto market cap surpassing $2.6 trillion USD.”

Surpateanu is dedicated to creating a technology that authenticates and validates data across various blockchain layers, enabling users to exchange digital assets for physical ones through tokenization. This technology has garnered significant interest from fashion and gaming companies seeking to gain insights and enhance user engagement.

Sthankiya highlighted Kraken’s expansion and the changing landscape of the crypto industry.

“Over the past twelve years, crypto has seen significant maturation. Operating in 190 countries, we offer over 200 tokens for trading. The industry’s safety, security, and regulatory compliance have seen vast improvements,” he added.

Blockchain applications in payments and banking

The discussion then shifted to the practical applications of blockchain in payments. Craddock shared insights on how cross-border payments have become faster and more efficient through blockchain technology.

“It’s now quicker to physically transport money to Australia than to execute an international wire transfer. Blockchain technology is effectively addressing this inefficiency,” Craddock noted.

Sthankiya shed light on Kraken’s pivotal role in facilitating large-scale transactions, emphasizing the growing demand from institutional clients for instant, secure movement of substantial sums globally.

Surpateanu raised a critical perspective on banks’ integration with blockchain.

“Banks have the potential to further integrate into the blockchain ecosystem. Despite having crypto-savvy teams, regulatory concerns and a compliance-driven approach often impede progress,” she observed.

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.