A distinguished panel of experts gathered at the Tate Modern Museum recently to dissect the evolving landscape of digital wallets, crypto and Web3. The panel included John McNaught (Worldpay), Daniel Fogg (IOV Labs), Michael Coscetta (Paxos), Gut Hadar (Fireblocks) and Peter Stilwell (Coinbase).
Among other key insights, the panel agreed that user experience greatly determines a digital wallet’s superiority. Wallets that offer an intuitive interface, smooth on-ramps and off-ramps for asset transfer, secure and easy identity proofing, and personalised features emerge as an extension of the user’s digital personal rather than just a tool.
Significant attention was drawn to the potential impact of big tech companies entering the crypto space. Their resources, user bases, and infrastructure can accelerate the adoption of digital assets, lending credibility and familiarity to the relatively nascent field of cryptocurrencies. Their involvement could lead to greater regulatory clarity and integrations of crypto in everyday transactions, thereby protecting against issues such as hyperinflation.
The Panel also discussed the recent focus on crypto rails – the fundamental structure enabling cryptocurrency transfers in Latin American countries like Brazil and Argentina. They highlighted these countries’ non-specialised approach, catering to basic retail market instead of solely high-end financial transactions, as a means of normalising digital asset use. Crypto rails are especially beneficial for remittance payments, offering a cheaper, more efficient alternative to traditional channels.
Cross-border remittances, which are crucial in today’s global economy, were also a point of discussion. The Panel underscored how digital assets, blockchain technology and open source systems like the Rootstock Infrastructure Framework (RIF) can transform the landscape, making remittances more accessible and affordable. Cryptocurrencies bypass traditional intermediaries, reducing transaction costs and processing times and leading to greater financial inclusion worldwide.
A recurring theme during the discussion was the vital role of trustworthy wallets in securing user assets against potential bad actors in the rapidly evolving cryptocurrency space. The panel agreed that reliable wallets prioritise robust security measures, such as two-factor authentication and encryption. Moreover, a reputable wallet offers robust customer support and demonstrates transparency about its operations.
Daniel Fogg, CEO of IOV Labs also highlighted the company’s dedication to providing next generation fintech innovators with decentralised tools and technology to build a new global economy. “At IOV Labs, we develop blockchain technology to help fintechs and financial institutions to improve speed, scalability and efficiency.” he stated. “Rootstock, a decentralised platform secured by Bitcoin, provides an ideal foundation for the swift launch of new services. As one of many contributors to Rootstock, IOV Labs brings to the table a wealth of resources and expertise. Our deep roots in Latin America also gives us unique insights and capabilities to assist firms aiming to expand or enhance their operations in this region.”
Currently, as nearly 70% of the Latin American population are underbanked, platforms like Rootstock serve as a beacon for the potential of decentralised finance, providing accessible and efficient financial services, transforming the way these underserved communities interact with the global economy
