Crypto strong men convene to discuss "discipline and focus"
It's been a troubling time in the crypto industry and at this week's Digital Asset Summit (DAS) for institutional crypto professionals in the asset management and financial services industry, there's much talk about the harsh climate and what comes next.
David Mercer, CEO of LMAX Group, a technology company and operator of "institutional execution venues" for crypto, said the industry has become more focused and disciplined during its tough times. This kind of market bestows participants with "discipline and focus," declared Mercer. In the more clement climate, he said the elevator pitches of crypto firms' upper management were far too expansive and "wouldn’t have fit in the Yankee Stadium; they were doing everything, no discipline, no focus.”
Although banks remain committed to crypto, Mercer said they “move slowly, in Al Pacino style, inch by inch.” Even if banks are enthusiastic, regulatory issues are stymieing their progress. Crypto natives, bloodied, battered, and with a new resolve, are waiting for them, still.
There are some advantages to be derived from the hard times. Richard Muirhead, chairman of Fabric Ventures, a DeFI investment platform that's been busy investing in everything from online games to fine wine NFTs, declared that with minimal capital available, only for the greatest and most innovative projects will thrive.
In turn, Shimon Lazarov at OkCoin (a crypto exchange) said that infertile times reveal new information and that new information is the soil for new growth. On the other hand, Lazarov noted that this is the first time that cryptocurrencies have been in circulation during a recession, so it's also difficult to determine what happens next.
Mostly, though, the message seems to be somewhat similar to last year. Crypto natives are still waiting for banks to rush into their market, it's just that they're a bit more battered and bloodied than before. Their optimism is undented, though. One day, crypto “will become as normal as accessing the gold market,” avowed Mercer. Maybe next year, things will be different.
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