It has been reported that recently, a few crypto-majors talked about the future of cryptocurrency adoption. These crypto-majors included the executives from Circle, Coinbase, Soramitsu, and Facebook’s Diem Association. All of these crypto-majors were at the same table at the Fintech Festival held in Singapore.
During their talks, the crypto-majors discussed how and when the digital currencies will be able to achieve mainstream recognition and adoption.
While at the Fintech Festival held in Singapore, Jeremy Allaire, who is the CEO of Circle talked about crypto-blockchain adoption. He stated that blockchain technology is now shifting to the third-generation infrastructure.
Once the blockchain technology achieves a third-generation mechanism, it will see a rise in digital currency adoption. He stated that if the digital currency adoption does not make it to a billion users, it will definitely experience adoption among hundreds of millions of consumers.
At the Fintech Festival, Jeremy Allaire was accompanied by the executives of other crypto-majors. It was Stuart Levey who is the CEO of Facebook’s Diem Association, Coinbase’s CPO ‘Surojit Chatterjee, and Makoto Takemiya who is the CEO of Soramitsu.
While at the festival, all of the executives from these crypto-majors discussed if the digital-currency industry could help introduce a world-class payment system or not.
While discussing the future of cryptocurrencies, Allaire shared what he feels about the current situation of digital currencies. He stated that as per him, the digital-currency industry is still in its phase of early developments. However, the industry is all set to make a breakthrough and leap into the next generation of crypto-technology.
He compared the development of cryptocurrencies with that of the development of the internet. He stated that digital currencies are undergoing developments just like the internet development from dial-up connectivity to broadband.
The chief executive of Soramitsu ‘Makoto Takemiya’ had something else to say about the current situation of cryptocurrencies. He stated that the obstacle that is currently in the way of widespread and mainstream adoption of crypto-assets is the user experience.
He stated that although the crypto-technology is up-to-date with the current trends, yet the lack of regulatory infrastructure is causing hindrance to its mainstream recognition and adoption.
While adding to Takemiya’s statement, Allaire stated that the focus of all the sectors in the world has now shifted to customer experience/satisfaction. Therefore, the crypto-industry needs to make extensive efforts and changes in order to satisfy the needs and requirements of its customers.
He added that by doing this, the cryptocurrency industry will be able to gain the trust of the potential consumers of digital-assets. That is when the cryptocurrency industry will experience a boost in its mainstream recognition and adoption across the globe.
He stated that in the coming days, more and more people will start thinking that they should have invested in cryptocurrencies before instead of doing it now.