Dante Disparte says crypto technology would be in the heads of more regulated and established institutions.
The Circle CSO believes that the turmoil experienced last year was necessary for the industry to grow.
He added that blockchain technology would continue to be integral to the modern economic toolkit.
More regulated companies will be in charge of crypto technology
Dante Disparte, the chief strategy officer of stablecoin issuer Circle, believes that cryptocurrency technology will shift toward steadier hands in 2023.
Disparate, who also serves on the World Economic Forum’s Digital Currency Governance Consortium, wrote that the turmoil experienced in the crypto market last year was necessary to flush out the bad actors.
He added that the growing use of crypto in the financial services industry and the ongoing bear market, coupled with the collapse of some exchanges, could ultimately be a boon for the industry.
The events could pave the way for “responsible, always-on internet finance.” Disparte added that;
“Just as it took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more durable companies, business models and use cases, perhaps 2022 marks a handover of crypto technology and blockchain infrastructure to steadier hands.”
Blockchain technology will be integral in today’s economy
The Circle CSO also talked about cryptography and blockchain technology. He believes that blockchain technology will continue to be integral to the modern economic toolkit. Disparte said;
“Indeed, as a test of the staying power of digital assets and blockchains at the core of financial services (and other areas of the global economy), watch what the big banks and mature financial services firms do, not what they say.”
Disparate also criticised traditional financial institutions for putting down cryptocurrency with one hand while trying to co-opt its innovations with the other. He added that;
“To link all crypto innovations, the responsible and the irredeemable together would be like dismissing all banking because of Danske Bank’s $230 billion money laundering pipeline.”
This latest cryptocurrency news comes as the stablecoin war continues. Last month, Coinbase, one of the leading crypto exchanges in the world, urged its users to swap their USDT stablecoin for USDC. USDT is the leading stablecoin in the world and is issued by Tether.
Binance also revealed last year that it was auto-converting USDC, USDP and TUSD stablecoins to its BUSD stablecoin to boost liquidity on its exchange.