Crypto industry in crisis? by CoinEdition


World Economic Forum Annual Summit in Davos: Crypto Industry in Crisis?
  • The World Economic Forum’s annual summit kicked off in Davos on January 16.
  • When compared to the last conference, there were fewer cryptocurrency enthusiasts.
  • Attendees discussed their skepticism regarding cryptocurrencies and called for regulation.

The annual summit of the World Economic Forum (WEF) kicked off on January 16 in snowy Davos, Switzerland, with the aim of discussing several topics of which encryption and encryption regulations are a major part.

Notably, the cryptocurrency conference was enriched by various groups including the Global Blockchain Business Consortium, Casper Labs, Circle and Foundation, the Commodity Futures Trading Commission (CFTC), UN representatives and legislators from various countries.

However, unlike last year’s summit, the assembled groups were less interested and more skeptical about cryptocurrency. The prolonged cryptocurrency winter and the fall of FTX and other crypto exchanges have had a severe impact on the cryptocurrency industry as a whole.

Jeremy Allaire, CEO of USDC Stablecoin Issuer Circle, commented on “a lot of bullshit” in cryptocurrency:

My hope is that there will be an increased focus on the utility value and practical applications of the technology, and less focus on retail investors chasing meme coins.

In addition, the necessity of cryptocurrency…

World Economic Forum Annual Summit After Summit in Davos: Crypto Industry in Crisis? It first appeared in Coin Edition.

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