Crypto tech will move to ‘steadier hands’ in 2023: Circle CSO

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Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, believes that the turmoil in the crypto industry over the past year could mark the transfer of crypto technology to more sustainable businesses and to “steadier hands” in 2023.

In a Jan. 2 article for the World Economic Forum (WEF), Disparte highlighted the growing use of crypto in the financial services industry and opined that the ongoing bear market and trading slump could ultimately be a boon for the industry, paving the way for “responsible and ever-available internet finance.”

“Just as it took the bursting of the dot-com bubble in the early 2000s to shift the future of the internet to more sustainable companies, business models and use cases, perhaps 2022 marks the shift crypto technology and blockchain infrastructure to more stable hands,” he said.

Disparte was giving his opinion via his position at Circle, the issuer of US dollar-pegged stablecoin USD Coin (USDC). He also sits on the World Economic Forum’s Digital Currency Governance Consortium and is a life member of the Council on Foreign Relations.

Good year! After an annus horribilis for #Crypto in 2022, demonstrable utility value is more on the agenda than ever. Sharing my @wef #WEF23 thoughts on what the future holds and how @circle is navigating the turmoil. https://t.co/emR4cHNbu3

— Dante Disparte (@ddisparte) January 2, 2023

In the blog post, Disparte also added that crypto and blockchain will continue to be an integral part of the modern economic toolkit, despite the terrible year for crypto which he says is more akin to an “era glacial” crypto than in winter.

2022 has turned into a very bumpy year for the crypto market, with one of the worst bear markets on record and the collapse of some major platforms in the space.

Dante Disparte, Chief Strategy Officer, Circle. Source: Linkedin

However, Disparte said that despite these setbacks, traditional financial services will still turn to crypto at some point, as “technology remains a protagonist in the global financial world.”

“Indeed, to test the resilience of digital assets and blockchains at the heart of financial services (and other areas of the global economy), look at what big banks and mature financial services companies are doing, not what they say,” Disparte added.

The demise of Bitcoin (BTC) has now been heralded more than 460 times, according to the Bitcoin Obituaries Archive, and despite some high-profile resistance from mainstream financial services, some of the most vocal critics have begun to wade into crypto waters.

Related: 13% of Americans Now Hold Crypto: JPMorgan Research

Disparte doubled down on his stance in a Jan. 2 opinion piece for the Courrier Diplomatique, calling it “dishonest” that bankers criticize crypto with one hand while trying to co-opt its innovations with the other.

“To tie all crypto innovations, the responsible and the irremediable would be to dismiss all banks because of Danske Bank’s $230 billion money laundering pipeline,” he argued.

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