The Future of Blockchain: Fintech and Traditional Finance Embrace Crypto
Brief news summary
The fintech sector, traditional finance, asset management, and government entities are increasingly entering the crypto space, signaling a new wave of blockchain adoption, according to Lai. A recent report, “The Future of Blockchain Applications: Reshaping Global Industries,” predicts significant growth in the blockchain ecosystem, currently valued at $2.6 trillion, over the next 25 years. Finance remains the primary practical use of blockchain today. OKX, a key player, is expanding into traditional finance via strategic partnerships like the one with Standard Chartered, allowing clients to use cryptocurrencies and tokenized money-market funds as collateral. The report anticipates a convergence between crypto banks, neo banks, and traditional banks, with distinctions blurring. Yet, OKX plans to respect traditional banking boundaries, avoiding direct competition. This trend highlights blockchain’s potential to transform global financial services and beyond.Lai stated, “The entire fintech sector, along with the traditional finance sector and the asset management side, including government involvement, is beginning to establish some form of presence in crypto. We are observing a completely different group of industry players starting to develop initiatives related to crypto. ” Released on Thursday, the report titled “The Future of Blockchain Applications: Reshaping Global Industries” seeks to forecast how blockchain adoption will progress over the next 25 years.
It also predicts rapid growth in the coming years within an ecosystem currently valued at US$2. 6 trillion. At present, finance remains the most practical application. OKX has aimed to grow within traditional finance through collaborations, most prominently with Standard Chartered, enabling clients to use cryptocurrencies and tokenized money-market funds as collateral. The report forecasts that eventually “the distinction between ‘crypto banks’ or ‘neo banks’ and traditional banks will largely fade away. ” However, OKX does not intend to intrude on the domain of traditional banks.
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The Future of Blockchain: Fintech and Traditional Finance Embrace Crypto
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