The world of web3 and cryptocurrency has been plagued by bad actors
for far too long. From Ponzi schemes to outright fraud, the crypto industry has
had its fair share of grifters looking to make a quick buck at the expense of
unsuspecting investors. But, as with any market, the tide is beginning to turn.
Just like the internet itself after the tech stock bubble burst, a crop of next-gen companies that will use the tech for good are bound to emerge. Back then, Amazon was just a book seller, and Facebook, Google, and other tech giants didn’t even exist yet. In the same way, the crypto industry is ripe for a new wave of companies that will use the technology for good and bring much-needed transparency and trust to the market.
These next-gen companies will be regulated and solvent, and will segregate customer assets from their own. They will be the ones to pave the way for mainstream adoption and bring the crypto market out of the shadows.
And the signs are already there. Since FTX exploded in early November 2022, on-chain stablecoin transaction volume is actually up over 10%. This is a clear indication that the crypto market is maturing and that more and more people are beginning to see its potential as a legitimate asset class.
The tech itself is immune to all the issues in trading markets. The technology behind cryptocurrencies and blockchain, is decentralized and transparent, making it much harder for bad actors to manipulate the market. This is why it’s crucial that we continue to push for regulation and transparency in the crypto market, so that the grifters can be purged and the true potential of the technology can be realized. A deep cleaning, although painful, is necessary for web3 to truly thrive.
Due diligence, security and compliance are a critical aspect of our advisory services that benefit our clients in their web3 adoption strategy. Our team is well-versed in the latest regulations, standards and best practices in the industry, and we work closely with clients to ensure that their systems and processes are secure, compliant, and in line with the latest regulatory requirements. This expertise not only helps our clients to avoid costly security breaches and compliance violations, but it also instills confidence in their customers and stakeholders, increasing the adoption and trust in their web3 solutions.