2030 Scenario: How Crypto is Reshaping Global Finance | European Blockchain Convention

okay it's like an entry in a in a boxing fight especially after such a lovely um hyp up thank you thank you for the kind MC um Eric welcome you are the co-founder and CEO of bit Panda one of the leading uh crypto Platforms in Europe and Austria's first um unicorn companies that reached the 1 billion valuation for a few years now um before we talk about the 2030 scenario I understand that you have a special announcement to make on behalf of bit Panda uh yeah so this morning I mean this is also going hand in hand with our topic today right because um the topic is in my opinion that 2020 no 2030 we said um the whole sector is moving into the more regulated banking environment so we all had the idea uh at the beginning you know it's very everything defi defi but let's be real when you reach a certain point and significance and um money is involved politicians won't let you do what crypto was 2012 or something so now you see travel rule is is uh coming in place Mika is coming in place in the end what we're doing is removing the old Legacy infrastructure of the Banking and Financial system and use blockchain stable coins for settlements for example and all these things um and replace the old banking system step by step so this is pretty much the the scenario uh long term and uh yeah and today we announced that um we're doing a partnership we're working closer together in France uh with associ General and um they have a great team with Forge and it needs uh people in the banking sector like Jean Mar and Gom from Forge um to really embrace the whole change and and uh you see that some banks are opening up um societ General is one of the first uh we're working also with Deutsche Bank in in in Germany to explore more more things we can do with uh with the whole digital assets space and uh and now we're uh starting to list their the the stable coin is the first fully regulated stable coin and the first one that was issued by a global bank so there are every year if you zoom out right every year you see these steps moving forward moving ahead uh that we're becoming that that crypto blockchain digital assets stable coins um also defi uh are all moving into into our daily lives replacing existing um infrastructure and politicians now also have to deal with it and you see it with Mika Mika is pretty much like the cherry on top saying like Okay this will not go away anymore now we have to put it into law because it will be uh uh it would have a big future in in in the world of Finance so in um in some sense you we could say that this uh this emerging regulation the the MAA bill in Europe is um is is a testament or a sign of the industry staying here for the long term and of politicians just embracing the technology yeah exactly exactly this is this is what we see I mean uh bit pan exists since 2014 but we started 2013 already and you see for with every year um people politician they they are opening up at the beginning you know nobody was talking to us I had the struggle we had the struggle of getting Banks accounts you know everybody every crypto company in the in the at the beginning had struggle had to struggle to get bank accounts right but you need to get the let's say more traditional old Fiat money into the new system um so at the beginning we already without having a regulation without having the law in place we already had to play by the rules of the banks so actually you can say the banks were our Regulators before there was regulation um and nowadays uh yeah you see everybody has to deal with it and I mean look at what's going on in the US right now uh the US election is there is a lot of stuff going on where crypto is involved inside the in the election it's a big topic they made it Trump made it one of their one of the key points um to embrace crypto I mean who have thought this 10 years even 5 years ago so the whole adoption is moving quite quickly and it's very very important to see that what I mentioned before that these big banks have the right people in in there to be on the Forefront because there will be many banks that will fall behind um and they will die but this is a natural election of of every technology when a new technology comes the one that embrace it uh on the long run will win and the other does yeah have to have to find their find their path or just simply die yeah speaking of big Banks um bit panda is working with some of the world's largest banks at this point including societ General and deutche Bank from your perspective and from your conversations what are banks mainly interested in is it stable coin offerings is it uh uh portfolios for the clients it it is very mixed so we decided um beginning of 2020 to do what we call a BTS pitan technology solution if you haven't heard of it it's pretty much our way of thinking of how AWS was built right so you Amazon built the infrastructure for themsel and now they're the biggest web service provider so infrastructure provider for everybody and we have built everything on our own Plus getting the license on our own so we own all the infrastructure and um then we said you know what we see our platform as the biggest customer of our own technology so let's also offer it to others and now we're not just offering it to others for a white label solution or for custody or tokenization but also start um with banks to do the first projects and develop together so you see that this is that this is uh actually uh becoming a big big part the whole infrastructure game in my opinion is the number one part um who leads the future of Finance infrastructure is definitely important and that's partly why all these banks are Jo infrastructure in combination with regulation because it doesn't matter how much you want to believe it it there is no way um money flows in the world without regulation um in the digital age it's impossible so you have to work with The Regulators you have to work with the politician and um bring all stakeholders on board and then uh we win and we have a much more efficient society and system across the world and just think about cross border transaction uh it's so much easier for for people in Africa or everywhere uh like in India to do cross border transaction they just need internet you have now internet with satellites everywhere you just need a smartphone and uh just a little piece of software where you implement travel rules and so on and then um all these companies that are let's say keeping people down like for example Western Union and so on they're charging 20% in African countries which is completely Ely insane right that this is allowed um this is gone this is gone there in the future and then and then uh the and then countries um have a much better time and it's much easier for them to catch up and uh to be integrated in the global um digital age would you say that this continued adoption uh especially from financial institutions will force more Banks and more traditional Finance firms to adopt stable coins and crypto or payment means with uh with more efficient transaction fees yes um but it's it's it's with every technology right you can't force people to switch to something until you get forced to do it when something is more efficient with uh when it's when it's more um when it's cheaper then uh you already you have to adapt uh adopt right so so I always bring the bring the example uh you know when people say oh you know have to stop eating meat and so on right people will not stop eating meat they will always go for the cheapest option when the techn ology comes and for example uh artificial meat black grown meat is cheaper and better than the classic mass production of meat for example then everybody will switch and the old system will down until then it's uh it's a matter of uh it's always a matter of price and what is available at you know what is most convenient for people so when when we embrace the technology and more people come more banks are joining in then um the whole technology ology will be adopted much much faster and everything will get cheaper and um yeah this is then let's say bring the financial technology in the in the to the internet that that's a great prediction Eric but I'm afraid we're slowly running out of time is there anything else perhaps you'd like to share with the audience no I'm good I'm good I mean like um but it's it's a great event I like it here and um yeah we have a we also have a stand there so the team whenever you have uh questions or what we do doing especially in the whole infrastructure game we're also working with other crypto uh players not only with banks so the team is here in case you have question let us know thank you for your time Eric ladies and gentlemen give it up for bit pandz Eric deut [Music]