World Economic Forum: Crypto to Take Center Stage in Davos

The World Economic Forum (WEF) for this year is poised to take a very unique look at the crypto ecosystem with everything the industry has passed through over the past year.

Changing Perception of the World Economic Forum on Crypto

As contained in an Op-Ed published by Circle CEO, Jeremy Allaire on the World Economic Forum website, finance is better on blockchain networks. This assertion did not come lightly as the crypto ecosystem has passed through huge phases over the past year.

While January 2023 opened up with unique uncertainties ushered in by the elongated crypto winter that was stirred by the implosion of the FTX Derivatives Exchange in November 2022. The uncertainty in the market at the time was masked by regulatory crackdowns and even crypto market exploits.

With all these, the World Economic Forum sees crypto rising from the cold with a conscious effort by the mainstream financial giant to migrate some of their business processes to the blockchain. From JPMorgan Chase’s JPM Coin to the initial embrace of Bitcoin custodial services by BlackRock in partnership with Coinbase, the number of mainstream giants embracing crypto went up astronomically over the past year.

This trend as painted by the World Economic Forum suggests that blockchain technology is now setting up itself for further embrace owing to its key advantages ranging from decentralization, security, and faster settlement times. 

While the spot Bitcoin ETF launch in the past week is a notable trend worth watching, the update from the World Economic Forum places major emphasis on stablecoins and how they are prime to take center-stage in the global financial revolution.

Crypto Leaders to Speak in WEF Event

An intriguing update at the World Economic Forum meeting ongoing in Davos is the recognition of Bitcoin mining and the crypto discussion titled “Clear-Eyed about Crypto.”

This discussion will feature a number of financial industry leaders including Brad Garlinghouse, the CEO of American blockchain payments firm Ripple Labs Inc, and Michael Sonnenshein, the CEO of Grayscale Investments. 

With the plan to talk about regulation and the push for a brighter and more inclusive financial pursuit through crypto, Garlinghouse and Sonnenshein formed a powerful duo seeing both firms fought and won the United States Securities and Exchange Commission (SEC). 

With Ripple and Grayscale setting rare precedents in the market today, their insights will be closely watched as world leaders explore new avenues to engage with the fast-evolving crypto landscape.