This Week in Fintech ending 20 May 2022
This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.
This will be the last This Week in Fintech post. I am doing this so that I can devote more of my time to growing Daily Fintech as a business – watch this space for a number of new product announcements.
Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Kryptonio, a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto without private keys or passwords.) @iliashatzis wrote Trust is what makes the world go round
One word sums up this past week: a bloodbath. After the TerraUSD (or UST) algorithmic stablecoin and Luna collapsed, the market lost around $270 billion in a cryptocurrency sell-off.
Luna’s value is now zero and at one point it was worth more than $100. Luna’s was created to maintain the UST peg. UST was supposed to be one-to-one with the US dollar. When Luna crashed, UST lost its peg. When I checked today UST was around 17 cents.
Editor note: Ilias explains a little-understood connection between the crash in price in TerraUSD (UST and Bitcoin (BTCUSD).
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Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 3. People who are motivated to use Bitcoin as a currency will drive innovation
- Wave 1 was adding a better front end UX to legacy systems, with a natural exit to legacy finance for not big sums.
- Wave 2 was a full stack regulated threat to legacy finance. Once again the natural exit was to legacy finance, but for much bigger sums than in Wave 1.
- Wave 3 is a disruptive threat to legacy finance, which cannot adopt Bitcoin until it becomes legal tender in the jurisdiction of their regulator.
Wave 3 is totally open source and decentralized, which also makes the revenue model more challenging. So many traditional VC struggle to invest in Bitcoin ventures.
Editor note: Really simple takeaway is track adoption in El Salvador.
Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly snapshot of the news that matters in the Stablecoin market.
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Thursday
Rintu Patnaik, an Insurtech expert based in India, wrote: Circling up the ’22 Conferences Circuit – Movers, Shakers & Themes
As we step into the second half of Q2, the conference circuit is buzzing. Several events are lined up with an impressive cast of speakers, spanning inspirational founders, global leaders, senior investors, rising stars and so on. Not surprising, given that the insurance industry is facing its most profound disruption in decades. Artificial intelligence, Machine Learning, Internet of Things, blockchain, data analytics and other emerging technologies are enabling start-ups and adjacent players to take away parts of carriers’ businesses.
Editor note: This is a good overview of all the innovation in the Insurtech market
Christian Dreyer @x3er, our Swiss based CFA who focusses on how XBRL changes our world wrote his weekly snapshot of the news that matters in the XBRL market.
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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London. wrote: his weekly snapshot of the news that matters in the Alt Lenidng market.
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Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy and occasional opinion columnist.
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