Cryptocurrency technology will transition into “steadier hands” in 2023, says Circle’s CSO

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By Degen Lipsa

According to Circle’s chief strategy officer, the technology will transfer to “more regulated and established institutions” in 2022 as a result of the volatility in the cryptocurrency industry.

Cryptocurrency technology will transition into "steadier hands" in 2023, says Circle's CSO
Crypto currency technology turns steadier with the advent of technology

Dante Disparte, the chief strategy officer and head of global policy at Circle, thinks that the instability in the cryptocurrency market over the past year may have signaled the transfer of crypto technology to “steadier hands” and more resilient businesses in 2023.

Disparte pointed the expanding use of cryptocurrencies in the financial services industry in a post for The World Economic Forum (WEF) on January 2nd. He also expressed his opinion that the current bear market and exchange collapses may ultimately be beneficial for the sector, paving the way for “responsible, always-on internet finance.”

Perhaps 2022 will see a handover of crypto technology and blockchain infrastructure to steadier hands, he suggested. “Just as it took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more resilient organizations, business models, and use cases,” he said. Disparte expressed his views while working for Circle, the company that created the USD Coin stablecoin tethered to the US dollar.

Despite the “awful year” for cryptocurrency, which he described as more comparable to a crypto “ice age” than a winter, Disparte noted that encryption and blockchain will still be a “integral” element of the “contemporary economic toolset.” In spite of these hurdles, Disparte predicted that mainstream financial institutions would eventually turn to cryptocurrency since “the technology remains a protagonist in the global financial sector.”

In fact, Disparte continued, “watch what the big banks and mature financial services organizations do, not what they say, as a test of the staying strength of digital assets and blockchains at the core of financial services (and other parts of the global economy).

In a Jan. 2 opinion post for the Diplomatic Courier, Disparte reiterated his position, calling it “disingenuous” for bankers to attack cryptocurrency with one hand while attempting to co-opt its advances with the other. To eliminate all banking due to Danske Bank’s $230 billion money laundering pipeline would be equivalent to discarding all crypto inventions, including the responsible and the irredeemable, he claimed.

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