Key Take-Aways from 30,000 Feet Above Ground
Sitting on the plane upon my return from the Paris Blockchain Week Summit, I smiled. It was the first time in days that I could sit back and digest the last 48 hours. Meeting after meeting, keynotes from the “who’s who” in blockchain and crypto, panel discussions and fireside chats by industry and finance leaders, and a number of start-ups presenting the next big idea. This Summit is billed as the flagship event of the week and it certainly lived up to its expectations. To top it off, it was great to see so many old friends from my days in traditional finance.
This event was very different from those days. Interactive… insightful…collaborative – these were the first words that came to mind. You could feel the energy and passion from just about everyone you interacted with. My team at Trakx felt the same way and it’s definitely a “must-attend” for everyone who’s got a stake in the digital asset or crypto revolution. Here’s a quick snapshot of the Event, a few take-aways and observations about the future.
The topics…the audience…the value!
1. We learned about the state of the crypto markets, regulation on a global and country basis, decentralised finance, DeFi vs. CeFi, blockchain technology and its growing use cases, Web3 and the metaverse, NFTs, digital payments, networks, institutional adoption of digital assets (VCs and Private Equity as well), CBDCs and stablecoins, ESG, security, and industry transparency. I will stop here because this Event was that extensive. The organisers did a fantastic job covering just about every topic you could imagine.
2. Every topic had an angle, or rather perspective. While there may have been similar topics across panels/keynotes, the perspective of the speakers was so diverse. Think about it – exchanges, platforms, blockchains, networks, miners, institutions, private equity, venture capital, foundations and more. Attendees got a chance to hear about issues, sure. More importantly, they heard differing views and opinions, which makes you think not only about what we’re facing today, collectively and individually, but also, where the industry is heading? What can be done to educate the masses? What I as a leader, like many in attendance (and reading this), can do to advance digital assets globally?
3. Conferences and events are always about ROI but value can be measured in so many other ways. The Paris Blockchain Week Summit for Trakx is about the knowledge gained, the relationships forged and the potential alliances that come about. Every member of our team thought the same thing – exceptional value, A+ event, and money well spent. Fantastic networking opportunity and strong attendance (very needed with all that we have faced globally due to COVID). Grade: A+
Key Take-Aways and Observations
- Digital assets aren’t going anywhere anytime soon (if ever). Adoption continues to grow across the globe. New currencies, technologies, exchanges and platforms are emerging. More and more types of investors are getting involved in crypto. And there is a lot of money being made, companies being formed, and jobs being created.
- While digital assets and related businesses related to them have grown rapidly over the past several years, we are still at the infancy stage of its potential globally. The opportunities are limitless as long as we don’t lose our entrepreneurism and innovation. This is what drove the digital asset revolution and we cannot lose sight of this. As crypto continues to go mainstream (retail), as institutional adoption continues to move into various digital asset classes and types (with size), and as new financial instruments are introduced (such as derivatives), what will be the outcome(s)? These are three examples. All are happening and will continue and new challenges and opportunities will emerge. The take-away for Trakx is that innovation never dies. All of us, as participants in this digital asset revolution, have a responsibility to drive innovation every day!
- There is a place in the world for DeFi and CeFi: very different from each other but with ecosystem overlap and both can and should co-exist. Many companies have been born due to the rise of DeFi and blockchain technology and the same can be said of CeFi…with more to come. With respect to CeFi, when we start talking about currency conversations and cross-chain exchanges for crypto, interoperability will be key. At Trakx, we see a world where DeFi and CeFi co-exist and are highly complementary.
- The institutions are coming…it’s not if, but when! There is no doubt in our minds, especially as more regulation is in place by country and on a global scale. We all know it’s coming, so get prepared as when it goes (and I mean in volume), the market landscape can and will change significantly. This will create opportunity as well as long as we maintain our innovation, and the creativity and passion that got us here.
- Regulation was the hot topic at the Event and surprised me the most. We have witnessed countries take action, whereas others have remained stagnant or have yet to make significant policy shifts. Transparency and trust – you see these two words in our Marketing and in many companies here at the Event. Regulation in theory addresses both. That’s not to say every country will be regulated because they won’t. At Trakx, our aim is to provide the best user experience and to do that, you must be transparent and have trust. It’s up to all of us to educate not just your individual communities, but the industry-at-large. Together, through collaborative, education and innovation – we can work with governments and industry to create business value and the best user experiences.
That’s it for now and I hope you enjoyed the read. We will have more in-depth updates on a range of topics coming soon and as always, we welcome your feedback and support.
Co-Founder and CEO