Vadym Kurylovych, Founder & CEO of Stex and a serial entrepreneur, has said he believes 2019 might be the best year crypto industry has seen so far as the focus has shifted to building products from blatant fundraising.
“Every major corporation is finally cozying up to the idea of entering into cryptocurrencies directly or indirectly. What started with popular tech companies like Kik, telegram & signal launching their cryptos, now there are reports of Facebook exploring the possibility of launching a coin for transfers within Whatsapp. J.P Morgan recently became the first US bank to launch a coin, JPM coin and we have seen its CEO change his stance on crypto over the years,” he said.
He attributed his optimism of the crypto ecosystem to multiple factors like the rising adoption of Lightning Network, legacy financial institutions’ participation, government regulations and a positive attitude of agencies like Financial Action Task Force (FATF), International Monetary Fund etc amongst others.
Further commenting on the topic he mentioned custodial & advisory services by legacy institutions are fueling growth by introducing High-Net-Worth Individuals (HNIs) and family offices into the crypto investing landscape. Talking about the possibilities lightening network has opened for the crypto market, Vadym believes bitcoins will become the preferred currency for POS & online transactions in the years to come due to their negligible transaction fee.
Now that all major cryptocurrency exchanges have implemented Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) checks for users to access their platforms or increase trading/withdrawing limit, the regulatory bodies are exhibiting positive signs. We might even see major countries rolling out the provision to register and operate as a licensed exchange this year, he said.
Vadym expressed a little wariness of the topic of the increase in venture capital inflow in blockchain and cryptocurrency products as he is concerned that would lead to centralization of power in the hands of the few.
That said, he acknowledged that the industry is still in a very nascent stage and things might take unexpected turns.
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