During a panel discussion at Money20/20, Ripple’s Cassie Craddock, Domin Network’s Ioana Surpateanu, and Kraken’s Kaushik Sthankiya delved into the evolution of blockchain technology and its security implications in the emerging market.
All three panelists unanimously agreed on the significance of integrating traditional finance (TradFi) with blockchain technology to gain a deeper understanding of its broader impact and the future of blockchain. Surpateanu emphasized that “Blockchain plays a crucial role in optimizing and attracting consumers in creative industries. The coexistence of TradFi and blockchain is not just a possibility, it is already a reality that will continue to evolve.”
Throughout the Money20/20 event, there was a recurring emphasis on the importance of interoperability. Surpateanu reiterated this sentiment by highlighting how interoperability is essential in preventing fragmentation in blockchains and fostering innovation.
The panelists also emphasized the necessity of centralized exchanges as a means to provide secure platforms for retail and institutional customers to engage with cryptocurrencies.
Looking back at the past year, the panel discussed the significant growth of the crypto market, particularly in the blockchain sector. Surpateanu shared insights, saying, “In 2017, the focus was on ‘blockchain, not crypto’ when I joined Citigroup. However, the emphasis has now shifted back to infrastructure, with the crypto market cap surpassing $2.6 trillion USD.”
Surpateanu is currently focused on developing technology that validates and authenticates data across various blockchain layers, enabling users to exchange digital assets for physical goods through tokenization. This technology has garnered interest from fashion and gaming companies seeking to gather valuable insights and strengthen their user communities.
Sthankiya highlighted Kraken’s growth and the changing landscape of the crypto industry. “Crypto has seen significant maturation over the past twelve years. We now operate in 190 countries, offering over 200 tokens for trading. Safety, security, and regulatory compliance in the industry have improved drastically,” he noted.
The discussion then shifted to the practical applications of blockchain in payments. Craddock discussed how cross-border payments have become faster and more efficient with the use of blockchain technology. She mentioned, “Sending money to Australia is now quicker than an international wire transfer thanks to blockchain addressing this inefficiency.”
Sthankiya highlighted Kraken’s role in facilitating large-scale transactions, particularly for institutional customers with a growing demand for instant global money movement. The safety and security provided by centralized exchanges are crucial in meeting this demand.
Surpateanu also shared a critical perspective on banks’ integration with blockchain technology. She mentioned, “Banks have the potential to do more in integrating into the blockchain ecosystem. Although there are talented crypto-savvy teams within banks, regulatory concerns and a compliance-driven mindset often hinder their progress.”