Dash CEO and previous Wall Street executive Ryan Taylor spoke up about the current Wall Street activity seen in the cryptocurrency area just recently, with ICE establishing a bitcoin market and financialization being available in from other opportunities of the standard financing world.
DashCEO Explains Why He Left Wall Street to Go All in on Crypto
In an unique interview, Taylor informed :
“I was led away from Wall Street for two primary reasons. The first is the tremendous opportunity I believe is inherent in the space. This is an incredibly immature industry with enormous potential for well-run projects. The second reason is that this technology has the potential to change the world for the better by empowering some of the most disaffected people in the world with a greater degree of financial freedom. It is truly an exciting place to be working.”
Dash is a cryptocurrency and a digital self-governing company (DAO) focused on making it possible for merchants to deal with personal payments in crypto. The currency has actually been embraced in Venezuela by over 800 merchants and is likewise active in Zimbabwe.
After working for 15 years in monetary services and innovation, Taylor left his position as a hedge fund expert working for a $20 billion financial investment company based in New York to established Dash, and he has some intriguing insights into how things work behind the scenes in the standard financing world.
“Wall Street has a tendency to work on major new developments in private, and I suspect many others are working on solutions, even while simultaneously publicly shunning cryptocurrencies,” stated Taylor.
CryptocurrencyDoesn’ t Need Wall Street
The impacts of mainstream banks purchasing crypto has yet to be seen, however Taylor thinks that crypto will make its own method no matter outdoors impact.
“Crypto doesn’t need Wall Street to grow. It is getting adopted more and more every year with or without it. There are major benefits and drawbacks from its involvement, but I think netting those out, it is an overall positive thing that crypto is becoming more and more integrated with the traditional financial system.”
“Cryptocurrency can become much easier to use if it is integrated with other financial systems and add to its utility. Would you rather use the U.S. dollar if it were not integrated with the financial system? By turning the question around, it becomes obvious that this will help crypto adoption,” he included.
WhileTaylor acknowledges that there are advantages in addition to drawbacks to Wall Street ending up being more associated with crypto, there are other challenges to be handled prior to we see extensive adoption.
“Right now, regulatory uncertainty is preventing a lot of businesses from jumping in to provide services or become comfortable accepting payments in digital currencies. Regulators will eventually catch up and provide businesses with the guidance they need to gain comfort with it.”
“With banks now jumping into the space, I think regulators will need to finally address this. The problem is that regulators tend to focus on institutions, and this was unusually a market that developed from a grassroots movement by regular people, rather than the financial institutions. Regulators got caught on their back heels as a result, but seem to be catching up to the need quickly,” he concluded.
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