Money2020 Conventional financial institutions 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 delved into the ever-evolving world of blockchain technology and its implications for security in the emerging market.
All three panelists emphasized the importance of bridging the gap between traditional finance (TradFi) and blockchain technology to fully grasp its impact on the future. Surpateanu highlighted how blockchain can optimize and attract consumers in creative industries, stressing that the coexistence of TradFi and blockchain is already a reality that will continue to evolve.
Throughout Money20/20, the need for interoperability has been a recurring theme. Surpateanu reiterated this sentiment, emphasizing how interoperability can prevent fragmentation in blockchains and foster innovation. The panelists also agreed on the necessity of centralized exchanges to provide secure platforms for both retail and institutional customers to engage with cryptocurrencies.
Looking back at the past year, the panelists discussed the significant growth of the crypto market, particularly in the blockchain sector. Surpateanu reflected on the shift in focus from ‘blockchain, not crypto’ to infrastructure, noting the exponential growth of the crypto market cap surpassing $2.6 trillion USD.
Surpateanu is currently working on a technology that validates and authenticates data across different blockchain layers, enabling users to exchange digital assets for physical ones through tokenization. This innovation has piqued the interest of fashion and gaming companies seeking to gather insights and build stronger user communities.
Sthankiya highlighted Kraken’s expansion and the changing landscape of the crypto industry, emphasizing the growth and maturity of crypto over the past twelve years. With operations in 190 countries and over 200 tokens available for trading, the safety, security, and regulatory compliance within the industry have significantly improved.
The discussion then shifted to the practical applications of blockchain in payments, with Craddock highlighting how cross-border payments have become faster and more efficient thanks to blockchain technology. Sthankiya pointed out Kraken’s role in facilitating large-scale transactions for institutional clients, meeting the growing demand for instant global money transfers.
Surpateanu raised concerns about banks’ integration with blockchain, suggesting that while there are crypto-savvy teams within banks, regulatory constraints and a compliance-driven mindset often hinder their progress in fully embracing the blockchain ecosystem.
