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Key figures from the wider cryptocurrency space painted a picture of increased dialogue and collaboration at the World Economic Forum Annual Meeting in Davos.<\/p>\n
Cryptocurrencies and blockchain technology remained but a small part of the projects and initiatives discussed and workshopped at the annual WEF conference high in the Swiss Alps. However, an increased number of sessions focused on the sector suggests that the wider world is looking for synergies between traditional finance and decentralized finance.<\/p>\n
This theme emerged from a number of interviews conducted by Cointelegraph during January\u2019s conference in Davos. Senior executives from\u00a0XRP<\/a>\u00a0issuer Ripple and USD Coin (USDC<\/a>) stablecoin firm Circle highlighted the importance of embracing solutions and systems that are creating tangible utility and value. <\/p>\n Circle and Ripple had a bird’s eye view of the wider crypto and blockchain conversation in Davos, given their participation outside the WEF conference at a myriad of crypto-focused events like Blockchain Hub Davos and GBBC\u2019s Blockchain Central.<\/p>\n Ripple\u2019s team rented out office space in Davos to conduct meetings and business during the WEF conference. Cointelegraph met Ripple\u2019s APAC managing director, Brooks Entwistle, inside their Davos hub to discuss the firm’s involvement at this year\u2019s conference.<\/p>\n Entwistle painted an interesting picture as an individual who has been to past WEF Annual Meetings in different roles for different companies and organizations from as early as 2009. The presence of crypto and blockchain industry participants has come to the fore in recent years, as Entwistle explained:<\/p>\n \u201cWhat you notice over time is the crowd changes, the promenade changes and, certainly with crypto over the past few years, that has been the case. In May [2022], you could not walk down the promenade without being offered a Bitcoin pizza.\u201d<\/p><\/blockquote>\n However, the prolonged downturn across conventional and cryptocurrency markets, coupled with seismic events like the collapse of FTX late last year, has made a noticeable mark on the number of crypto ecosystem participants that set up shop at the conference in 2023. <\/p>\n The Managing Director of @Ripple<\/a>, @BrooksEntwistle<\/a>, took a moment to speak to our reporter @gazza_jenks<\/a> about what\u2019s to come for the company and $XRP<\/a> in 2023.#CTWEF23<\/a> #davos2023<\/a> pic.twitter.com\/kxmLMIxz03<\/a><\/p>\n \u2014 Cointelegraph (@Cointelegraph) January 20, 2023<\/a><\/p><\/blockquote>\n The likes of FTX, who had a stall at the conference last year, were nowhere to be seen. Instead, blockchain infrastructure providers like Filecoin and Hedera had a notable presence, alongside the likes of Circle. Other firms maintained a presence outside the conference at their own event, like CV Labs\u2019 Blockchain Hub and, at Davos’ Hotel Europe, GBBC\u2019s Blockchain Central.<\/p>\n Related:\u00a0TradFi and DeFi come together \u2014 Davos 2023<\/em><\/strong><\/a><\/p>\n But Entwistle drew a silver lining around the decreased number of crypto stalls along the promenade, suggesting that more fruitful dialogue has been possible at the WEF conference:<\/p>\n \u201cIt\u2019s definitely more muted now, but we\u2019re actually having a really good WEF. With some of the noise and hype gone, the conversations and ability to go deep present more of an opportunity.\u201d<\/p><\/blockquote>\n Ripple\u2019s APAC head highlighted his belief that progress was being made in terms of dialogue and understanding of crypto given that the number of panels within the event had increased from two sessions in 2022 to seven in 2023, stating:<\/p>\n \u201cIf you think about the two parallel tracks, the industry pushing the agenda outside on the street, around Davos and around the region and then what\u2019s going on inside. That infiltration over time, why it\u2019s important, why regulators and banks need to talk about it, and why it should be a broader topic than just what\u2019s happening at a night cap here or a panel there along the promenade.\u201d<\/p><\/blockquote>\n Whether there should be more representation from the crypto and blockchain ecosystem inside WEF is a more complex question to consider. Entwistle believes topics with a broad reach outside of the crypto ecosystem need wider representation with projects, protocols and tools that offer value and insights into vexing global issues. He added:<\/p>\n \u201cYou need all those different forms represented, but I also think we have to use those slots wisely, use the panels wisely when you do get in front of this group and make sure that people understand real-world utility.\u201d<\/p><\/blockquote>\n Entwistle said the \u201cgeneral thrust\u201d of crypto conversations inside the WEF Annual Meeting was focused on why the industry exists and what it\u2019s building. For Ripple, that has been cross-border payments and liquidity provision. Other crypto proponents have been driving conversations around blockchain-based CBDCs and carbon credit initiatives.<\/p>\n While a more specific discourse took place at the WEF Annual Meeting, conversations and business between TradFi and DeFi flowed freely along the Davos promenade. Cointelegraph moderated a number of panels during the week, one of which involved mainstream banks Bpifrance and Arab Bank discussing TradFi\u2019s relationship with the industry.<\/p>\n A key takeaway was the fact that both these traditional financial institutions were offering cryptocurrency custody services for private clients, clearly showing that TradFi is already exposed to the asset class. Regulatory and process controls remain hurdles, but the industries are already cross-pollinating on their own terms.<\/p>\n What remains to be seen is whether the cryptocurrency and blockchain space will continue to camp out along the promenade in the years to come. Entwistle thinks that may well be the case, given the proximity and ability for the sectors to intermingle, stating, \u201cI would expect that Web3, crypto, blockchain, if we do our job and convince the world that we are actually needed, and we certainly believe we are, that we\u2019ll have a place at the table for a long time here.\u201d<\/p>\n Cory Then, Circle\u2019s vice president of global policy, said he\u2019d seen a lot of idealistic individuals trying to cooperate and marshall resources in a way that would benefit the world economy.\u00a0<\/p>\n Speaking to Cointelegraph after moderating a panel at Hotel Europe, Then highlighted the importance of exploring the role of blockchain-based payments systems like Circle with regard to the future of finance and global payments:<\/p>\n \u201cWe’re out there talking to policymakers, we’re talking to traditional companies outside of tech, who are looking at using USDC as a payment solution, we’re talking to tech companies, to figure out how we might integrate with the work that they’re doing. We’re talking to humanitarian organizations.\u201d<\/p><\/blockquote>\n According to Then, Circle has had hundreds of conversations with policymakers from the European Union, the United Kingdom, Japan, Singapore, Mexico and more as USDC continues to become more readily available as a stablecoin solution.<\/p>\n Cointelegraph’s @gazza_jenks<\/a> got to speak with @circle<\/a>‘s Head of Global Policy @ThenCorey<\/a> regarding the utility value of stablecoins and the value $USDC<\/a> brings to fast settlement in the TradFi world.#WEF<\/a> #Davos2023<\/a> #CTWEF23<\/a> pic.twitter.com\/6WPBLd1gWr<\/a><\/p>\nMore than a Ripple<\/h3>\n
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Coming for Circle<\/h3>\n
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