It’s no secret that the Bitcoin and the cryptocurrency business it spawned are at present experiencing the depths of what many are actually calling ‘The Crypto Winter’ — a truth reportedly evidenced by this yr’s Paris Fintech Forum.
The Paris Fintech Forum (PFF) payments itself as “the most exclusive European annual event on digital finance and Fintech.” Last yr, the occasion was packed filled with newfound ‘cryptocurrency consultants’ and ‘blockchain advisors’ and others trying to journey the wave of the recently-deceased 2017 bull market. This yr was totally different.
According to Bloomberg, the overarching theme of the convention centered on conventional banking — with subjects similar to branchless lending and ‘banking-as-a-service’ taking middle stage.
SWIFT vs. Ripple
The spotlight of the convention for the cryptocurrency crowd was the battle between SWIFT CEO Gottfried Leibbrandt and Ripple Labs Inc. CEO Brad Garlinghouse. The latter likened the 2 corporations to Amazon and Wal-Mart, whereas Liebbrandt said:
Banks should not prepared for a mannequin the place you exchange right into a crypto after which convert again once more. It’s not clear to us that blockchain is best than what we’ve got in the present day.
With a convention recurrently dominated by these all for, at most, ‘disrupting’ the standard banking system, viable cryptocurrencies — similar to Bitcoin (BTC) — actually don’t have any place. The at the beginning cryptocurrency wasn’t made to offer blockchain options for monetary establishments and conventional banks. It was made to offer people the chance to be their very own financial institution whereas rendering third-parties irrelevant and conventional banks pointless.
Unless you might be an XRP bagholder or one who actually believes cryptocurrencies’ major utilization is to make banks function higher, this yr’s vibe on the PFF shouldn’t concern you.
What do you consider the Paris Fintech Forum’s reported disinterest in cryptocurrencies and blockchain expertise? Let us know your ideas within the feedback beneath!
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