On June 27, 2018, cryptocurrency investors, users, and enthusiasts from all around the country flocked to the New York Athletic Club to attend the Crypto Evolved conference. The event is the first of its kind specifically focused on crypto asset market structure, and particularly cryptocurrency’s increasingly significant role in mainstream commerce. And of course, as a company that stays on the cutting edge of the fintech world, Halo Platform was there to see what the experts have to say about the new cryptocurrency frontier.
“An evolution, not a revolution.”
Vince Molinari, co-founder Templum, an ICO platform looking to become the leading regulatory compliant platform for cryptocurrency-based securities trading, commented on the development of the cryptocurrency industry. “This is an evolution, not a revolution,” he explained, commenting on the injection of institutional monies into the crypto space during the conference’s “Market Builders” panel. In other words, we should expect to see a slow-and-steady approach from the big banks regarding their cryptocurrency strategies. However, given that Goldman Sachs has already announced its intention to begin its own cryptocurrency trading desk, we may see more attention from mainstream finance in the near future.
Crypto Evolution’s “Crypto Adoption” panelist Mark Smith was also bullish on crypto markets, particularly vis-à-vis traditional financial systems. Smith is a top figure at Symbiont, a platform designed for applying smart contracts to existing institutional applications “The peer to peer marketplace is really starting to grow” Smith explained. As a result, we may soon be approaching a tipping point where centralized financial institutions are forced to accept the increasingly decentralized nature of modern marketplaces.
Developing a Crypto Regulatory Structure That Works
The financial experts headlining the Crypto Evolved conference weren’t the only ones encouraged by the cautious approach traditional institutions are taking to cryptocurrency markets. For years, regulators have struggled to develop an effective and workable regulatory scheme that works for cryptocurrencies. This new technology doesn’t fit squarely into an existing set of financial rules, so existing frameworks must be altered. However, how, when, and by whom the new regulations should be put into place is still up for debate.
Although most industries typically balk at impending regulation, cryptocurrency companies have largely welcomed it — at least so long as the rules are developed properly. “Figure out how to work into the system… figure out all the pieces and figure out how to run the business right,” said Robert Cromwell Coulson, Director of OTC Markets and presenter on Crypto Evolved’s “Regulating Crypto Markets” panel. Cromwel Coulson’s comments reflect the larger notion across the industry that well-crafted regulations could aid the development of cryptocurrency companies across the board.
The Future of Cryptocurrency
Cryptocurrency and other applications of decentralized technology are finding more and more uses in mainstream markets. Halo Platform has seen this coming from the very beginning, and that’s why we’re developing a platform where users can easily manage all of their crypto activities in one functional space. Keep up to date with Halo Platform to get the latest products and updates. If you haven’t already, be sure to download Halo Platform’s Featherlite wallet and browser application and take at look at the next step in the cryptocurrency evolution.