Researchers for circle and Uniswap are making the case that distributed ledger tech can solve a nagging FX markets problem, according to a paper they’re about to release at the World Economic Forum. Davos2023 jesseahamilton reports
finds that a distributed ledger could solve that problem with simultaneous settlement.
Several researchers from the two digital-finance companies – including Uniswap Chief Operating Officer Mary-Catherine Lader and Circle’s chief economist, Gordon Liao – contend that crypto’s innovations could be an answer to this major ongoing financial-stability concern for regulators. That’s one conclusion of their 20-page paper to be released in Davos for a panel at the World Economic Forum on Thursday.
“On-chain FX can offer faster and more affordable transaction processes, as well as greater liquidity and stability,” the paper concludes. The researchers also say remittances – money that people send across international borders – could see their costs cut by 80% through decentralized finance . Sending money to people in other countries has always been one of the strongest arguments for crypto, and the paper said the lower costs could translate to $30 billion a year remaining in people’s pockets.
The paper arrives as blockchain and other crypto technology are suffering reputational damage from a heavy crypto winter compounded by the collapse of one of the biggest, most trusted companies, FTX. Regulators and the major companies in the traditional financial system have been reluctant – especially in recent months – to show enthusiasm for the new approaches.
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