Will 2023 see a shift toward more traditional regulated entities as the entry points into digital asset markets? Sean Lee explains how the collapse of FTX is a sign of more reliance on decentralized infrastructure and better regulation.
despite negative market sentiment. A portion of the market is clearly doubling down on crypto’s decentralization ethos.
In 2023, a side effect of the FTX and Alameda Research debacle will be a shift towards more traditional regulated entities as the entry points into digital asset markets. This will be especially true for users who still prefer to use more straightforward and familiar service providers over centralized finance . Why go with middling services? Go fully DeFi or fully traditional.
A firm looking to offer digital asset products has a hard time building products that can count on a consolidated view of the crypto space. They would have to set up and run dedicated systems for each blockchain network and all the different crypto or tokenized assets that run on them. These approaches go against an overall transition towards open-source software infrastructure for institutions that pre-dates Web3 and offers known benefits in security, customizability and community-driven innovation with no vendor lock-in. Moreover, they leave little room for developing financial products that meet customer needs such as user experience, access rights, self-custody, risk controls or rule-based frameworks and guardrails for local regulations.
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