Cryptocurrency, and the blockchain technologies that power it, have transformed money as we know it. In the process, they have expanded both financial inclusion and the speed with which money can move around the globe. However, with speed and expansion come risk.
To manage that risk, leaders in the cryptocurrency space are reimagining decades old processes and technologies, including institutional due diligence. And they are doing so by leveraging innovative software and engaging user journeys to redesign the KYB/AML experience to best meet growing regulator and investor expectations.
In a new tech talk moderated by Andrew Greenfield, Technology Partnerships Lead at Unqork, industry leaders Kurt Ruppel, CTO & Co-Founder of Middesk, and Ian Erard, Director of Digital Assets Product at Unqork, dive into the crypto’s past and the current state of the industry, including:
- The increase in demand among institutional investors for crypto trading platforms in recent years
- The difference between supporting institutional customers and retail investors
- Why crypto firms, which are less burdened by managing disparate legacy technologies, are moving faster than many traditional institutions
- What the recent volatility in the crypto market portends for the future.
What’s next for crypto?
Obviously, the last few months have been challenging for all kinds of investors, both within and beyond the crypto community. Ruppel and Erard discuss why they think crypto, which has already survived three crypto winters in the past, is going to bounce back—and how successful crypto companies are readying themselves for the next stage.
To meet the demands of both individual and institutional customers as well as regulators, Erard notes that many firms are hiring talent from traditional financial institutions. Their goal: to put strong risk frameworks and strong operational policies in place. In particular, they are looking for ways to create flexible tech stacks that can:
- Make due diligence processes more effective.
- Drive operational efficiencies and reduce costs.
- Bring new products to market as opportunities continue to evolve.
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