Crypto tech will move to more stable 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 more stable 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 finance and always available on the Internet.

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, 2022 perhaps marks the transfer of the cryptography technology and blockchain infrastructure in safer 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 like an ice age of crypto than in the winter.

Last year was a very bumpy one for crypto, with one of the worst bear markets on record and some major platforms in the space collapsing.

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

However, Disparte said that despite these setbacks, traditional financial services will still turn to crypto at some point as the 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, added Disparte.

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 its position in a January 2 opinion piece for the Courrier Diplomatique, calling it dishonest for bankers to criticize crypto with one hand while trying to co-opt its innovations with the other.

Linking all crypto innovation, the responsible and the irremediable would be tantamount to dismissing all banks because of Danske Bank’s $230 billion money laundering pipeline, he argued.

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