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It’s been a wild few weeks in crypto! OCC has greenlighted banks to get involved, #Bitcoin hits $12,000, DeFi is booming, futures products are soaring, and adjusted txn value for stablecoins hit an all-time high. And this is just a fraction of the news… (1/7)
What’s one common denominator here? Likely global uncertainty with fiat currencies, and many in the crypto industry focusing on utility, beyond just speculation. Examples like Dodgecoin aside, there’s a new, growing focus on an asset’s use case, its tangibility. (2/7)
We’re seeing a melding of the old world and new. It’s only a matter of time before banks offer custody services, acquire companies with those capabilities, and potentially even offer crypto lending as they see consumer interest in DeFi. (3/7)
Centralized crypto exchanges - @coinbase, @binance, etc provided both fiat on and off ramps + most crypto liquidity over the last few years. Now, decentralized exchanges (DEXs) with no central operator are gaining momentum. Fiat on and offramps are provided by stablecoins.(4/7)
Stablecoins, esp. dollar-backed, are another fascinating use case. Their success to date is largely due to a unique go-to-market strategy enabling global consumers to access the USD without a bank account via Tether. (5/7)
Blockchain isn’t just a technology with potential, it’s actually being used. For @Ripple, our On-Demand Liquidity (ODL) product using XRP as a bridge currency accounts for nearly a fifth of all transactions on RippleNet. (6/7)
All in all, an interesting time to be in crypto (when is it not though?). It feels like the potential we saw early on to leverage blockchain and rethink how to move value without a central counterparty is on the precipice of something extraordinary (7/7)
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