Crypto redefining Finance

[Music] hello and welcome to everyone this is the fourth day of sixth european blogging convention i hope you're excited we have a very very exciting keynote in front of us or coming up now jeff from hobie welcome on stage we have you again today we had you the other day on our panel the future of crypto exchanges and today you're going to do a keynote so welcome on stage thank you thank you so i'll just go ahead yeah it's good it's good to see everyone here it's very exciting to be here i know it's been a couple of days now so you know we're we're learning a lot we're laying out it's been it's been a great event so uh my name is jeff and i am the director of global strategy at 4b and what it means to be global strategy is i help lead the uh the entire expansion global expansion initiatives for 4b right so that includes how to break into every market uh really evaluating the market's needs every country's needs what the users want and what it means to expand so we know like for example an exchange right an exchange or a product or a lot of these items in crypto are are digital right so they're very digital they're online so what does it really mean to expand into a market right um because everything's online everyone can around the world can access it right for us it's a couple of things uh global expansion really entails uh we talked a lot about regulatory right how do you comply with the local government how do you comply with local regulations uh to really enter the market second it's all about the users right what are the user needs what kind of products or what kind of gaps that we can try to fill with our products right so it's really about these two things and then uh that's really what i focus on so um yeah um so so today we're talking about you know a really interesting topic right how crypto is redefining finance right um so let me let me share my slide uh and then i will share with everyone kind of our views on how finance is going to be evolving and changing um with the development of crypto so let me let me go ahead and share okay so how cryptocurrency is redefining finance right so what to start off let's let's talk about the the current state all right bitcoin has reached very it has passed a trillion um right now at the current state it's around 922 billion dollars ethereum is about half a trillion dollars by 475 billion and the entire d5 market cap right now is 250 billion so what does this mean is that we can see that a lot of players whether it be retail users but more importantly a lot of large institutions have been coming in and either putting bitcoin on their balance sheet or or holding crypto holdings for digital assets right so this is really great for the industry as a whole right when institutions are coming in it's good for the overall development of of crypto of the entire ecosystem of even projects or even users all of it's going to be up right that's what this means to us when we see a number like this it means that it it's finally a large player that everyone's making a look at right we talked about yesterday that large large players such as paypal such as twitter such as visa mastercard they're all looking into you know hiring crypto crypto analysts hiring researchers you know breaking their product line into crypto right so this is really good for the development of the entire industry but we can take a look bitcoin is ranked seventh in comparison to companies and assets in the world and ethereum's rank 15 right so these things are now kind of in the spotlight and in the site of everyone so what does that mean for us right so let's take a look at redefining finance um so i just googled this uh what is finance right when we think about finance the first definition is the management of large amounts of money especially by governments or large companies right that's the traditional definition of what finance is and how does crypto redefine this if we just look at the definition we can see that as we're going through you know d5 as going as we're getting more decentralized as we're letting more players around the world build together it no longer requires governments or large companies to be managing this money right that's the essential core of defined that's the system core of how we're changing the world right um so you know when we take a look at this we see that we no longer need this middleman we no longer need decentralized large organizations um to to be involved in finance right and then the second definition is providing funding right so usually when we think of finance in the traditional sense we're thinking about you know raising capital we're thinking about how funds are moving in and out of a company how that affects you know a company's operations the company's development but in in in crypto finance or d5 we we kind of see that there's new ways to do this there are new ways to be getting money there are new assets whether it be you know we talk about nfts we talk about um different types of uh crypto assets there's new ways that things can hold value right they can hold value on the chain they can hold value in new new modes uh new new shapes so that's how we're really going to be looking at it right how can we have these things change how users or how institutions can be get uh can be receiving money okay so one way is let's talk about d5 decentralized finance right what are the main aspects of d5 that are kind of um changing how we look at things or how we operate right for one we talk about smart contracts that are cutting out the middle as mentioned earlier before if we think about traditional stocks if we think about traditional you know banking or even like trading um there's always going to be a middleman or a broker right when we have smart contracts now they have they're they're automated they're safe they're protected and most importantly they're built by everyone right it doesn't take one centralized organization to be building these to be setting these rules for for the general public um we can be looking at these smart contracts that can actually be infrastructure for the future finance right and then we talk a lot about dallas i'll go into that later but these things are being built by the people okay the second thing is how can we revolutionize financial services right um and we touched upon this yesterday a lot of other um great speakers touched on this is that before people did not have access to banking right people unless you were part of the i would say upper middle class or you know a very wealthy individual you didn't have access to so much a wide variety of financial services such as lending such as you know investing or investing in general or even stocks right you can't buy stocks with just a couple dollars you had to have a minimum portfolio balance to have an agent or a broker um so what we're doing here now in crypto is that people you know you see a lot of ads people are buying crypto assets with even one dollar right you can even buy we're looking at ship and other you know dodge queen stuff with even cents right so so this is an again creating access for everyone and allowing people to really be involved in the financial world to be able to participate and have their hands on these innovative tools okay and then we talk about governance models right um this is again a very important aspect that we usually have to have someone centralized right we have to have the bank or a government or some kind of large oh sorry hey i'm sorry i'm getting a a note okay let me put this back on okay so yeah we're looking at a you know how governments and how centralized um organizations are controlling everything right they're setting rates they're taking fees they're taking commissions in the middle but with d5 you know users are are the ones that are creating office users are the ones that are setting the rules or that are voting and users cannot invest okay and that that's kind of uh the last part is you know we can all sum it all up with it's a low barrier to entry right uh people we mentioned yesterday that people in a lot of countries do not have access to banks do not have access to credit cards to loans but with this even someone with you know couple couple dollars or a couple hundred dollars can actually be involved in staking and mining and you know liquidity farming can be earning you know apy we mentioned yesterday that you know some people never even heard of apy before crypto they never really even thought about it but now we're giving them access we're giving these tools to be earning okay so i think you know overall defy itself we it's it's it's going to be the future it's going to be we're taking traditional financial products and kind of morphing them right so that everyone can be involved everyone can set the rules and everyone can be earning okay so let me go on for all um you know access for all so this what we're really talking about here is a lot of a lot of times now to reach these products to reach these special assets to reach these um you know mining protocols uh we use wallets as gateways right it's either you go through a centralized exchange or if you want to be totally decentralized right you can even have wallets that holds your own private keys right your private keys are not going to be with a centralized organization right i know a lot of a lot of people don't really think about this aspect but when you have your own private keys and when you have your own you know full control of your wallet then that that's truly being decentralized right that's truly having true ownership of every single aspect and the finance right so you know we were pushing out the whole big cloud wallet now but a lot of these wallets now are allowing users to have this gateway to have this platform uh to be entering these these innovative tools so one is the custodial approach you can hold your own private keys you can hold your own assets you can choose what you want two is these uh these projects are are connecting different chains right so an example is for example if a person live in one country say india and then there's another asset in let's say america right they're on different stock exchanges they're on different you know investment platforms it's very difficult for people around the world to be accessing um all these types of different assets right but however in the digital world everyone can participate everyone can invest everyone can access them right they might be on different chains but now there's a lot of different you know products that allow you to jump across chain that allow you to kind of buy assets on different chains so again it's transforming how people can access and have um participation all these different uh innovative projects whether they be coins tokens or entire companies right you can invest in in a lot of companies okay and then the last part is integration with sex right um so with centralized exchanges a lot of people say no no centralization we want to be decent so we want to be decentralized but actually you know the world right now we kind of see it is we're moving towards a more decentralized state but however at some point we still need a lot of support and a lot of help from uh centralized organizations for example with the main thing is liquidity right it's very difficult and we know with the early stages of you know compound unit swap um it's very difficult for um adax for example to to have liquidity right um it's very you have keep motivating users you know with airdrops or other other items to be staying in in your in your chain right to be staying in your decks um but for now that that's that's kind of a very big large obstacle that a lot of people face right so right now with these wallets we integrate with uh centralized exchanges so that users can still have the centralized liquidity um to be buying to know to be able to buy and and and take what you want so right now at this stage before that before all the liquidities integrated all these different indexes it's still very important to have this integration with uh centralized exchanges okay um next so another part of how finance is different is with public blockchains right so public blockchains really give everyone access anyone who has an idea anyone who you know has is a developer who wants to create something that by themselves they have this access right and with plug blockchains we talked about daos um it's very it's very equal right you can be participating in the governance you can help set the rules you can help you deciding you know there's a lot of oracles now too you can help be part of these nodes and these oracles and these decision makers and in this entire governance right so this is really another difference that um you know how fine it's gonna be changing throughout throughout the throughout time right we're gonna be allowing more people to actually be hands-on you're not only just a customer but you're a customer and uh you know a contributor and a manager okay transparency of course is with with these protocols with these different uh blockchains you know you can see what's going on right there's there are more and more tools now that are pulling information from different blockchains that make it easy to use make it easy to view for users um to see what exactly is going on if we looked at crypto or blockchain maybe four three or four years ago no one really knows what it is they know like oh bitcoin is you know what's what's mining it's like doing some kind of math problem and getting some money right but now you know with all these protocols they're actually more people are accessing you know like ether scan stuff like that to see you know what's really going on with what are the transactions even like we talked about nfc marketplace like openc they can actually people can actually be seeing every bid right so it's bringing the world closer to to what's going on behind the scenes in blockchain and of course uh community right with public blockchains you when you're involved when people are participating when you have your own money inside then people are more likely to be you know to be building this computing community to be passionate to be working with each other right uh i think a great example of this is i'll speed it up i think i'm running out of time but a great example of this is a while back kickstarter right kickstarter was very hot um and it's it's i would say that for me it was like that was like the first decentralized thing right you don't have to sign a contract you don't have to do anything if you if you like a project you could throw some money on it right and then public blockchains to me is almost like the same thing right anyone can participate anyone could be buying a token you can buy one dollar you can buy you know a thousand dollars whatever you want and then you're participating you're gonna be focusing on this thing and when we have this when we have a lot of people around the world being part being participants right owning shares of digital tokens that that's what's gonna build the entire uh ecosystem of crypto okay i'll try to speed it up so yeah uh d5 does have some obstacles at this point um it's really institutional investors you know from the compliance aspect from transparency aspect from a you know kyc aspect it's very difficult for them to be on board because it's hard to track right on a public chain or on a desk or you know entirely decentralized wallet you don't really know what types of assets are going in there you don't know who's on there you don't know if there's hackers if there's you know people with ill will um you don't know where the money's coming from it's really hard for a lot of institutional investors to be on board of course that's still changing there's a lot of new tools and utilities out there to help trace and help you know view you view the integrity of assets on there so that's going to be changing but that is a obstacle right now and of course security when you know the beauty of a centralized exchange is that you know there's someone liable they might they have an office they have a team right they may have people who take responsibility if something happens but on on a lot of decentralized protocols a lot of people are anonymous right a lot of people do not uh you can't check you can't track someone down right so this might be a a bit of a trust issue if you will for for a lot of institutions or other investors so that's that's still going to be a problem right now okay and i'll speed up um you know a couple things nfts i won't talk too much on this i know a lot of other panelists have talked a lot but yeah nfts are also changing the future of finance right if you're an artist um you know back then or back then like a couple years ago it's really hard for you to share your art with with the entire world of course we have things like ebay or other like artists fitting platforms but now with nfts it makes it just even easier to share right even with like ebay or like um you know other auction platforms it was difficult for you to sell your art because of you know because of payment issues uh because of regional issues but but with nfts it's really allowing everyone to to share you know their creations whether it's music art or even like using authentication for for different you know supply chain products it's it's very easier for everyone to access right i think nfts was a good bridge because one it's allowing everyone to well one it got crypto kind of really in the spotlight with a lot of celebrities buying enough teas especially with you know apes and everything like that um they got the crypt in the spotlight too it got people interested right three got people involved like i mentioned earlier when when you spend your own money on something then then you kind of start reading all the news you start being more cognizant of everything that's going on in the ecosystem right i think nfts did a really great job with that okay and then lastly um game five gamefish uh you know gamefight hasn't been new right if if we want to think about it long time ago when world of warcraft was super popular right people were already doing that as a job gaming as a job people were already selling items you know under the offline for for cash right people were selling items in marketplaces so i think that was a first look at how you know world of warcraft was super hot everyone loved it people were you know addicted to it they couldn't stop playing it was kind of like a link to the digital world but game fight actually makes that more standardized and more more real if you will right so a lot of play to earn models are allowing people to um to you know to spend their time doing what they love and earning money for it right uh of course you know it's it's always nice to have that dream job but now with game fight it's really it makes it very feasible for anyone and we see a lot of people um you know through southeast asia through asia that's um really hot on game five why because you know if we look at a lot of top e gaming teams throughout you know some some of europe and asia um they're always very involved they're always very active okay i think i'm running out of time okay so yeah so i think game five is just another model um how we're going to be changing finance and changing you know even even careers um but and i'll sum it up awesome so yeah i think blockchain it's obviously we all love it right that's why we're watching this um you know it's gonna change i think we believe that it's really going to change how financial services um are going to be operating we even see banks and other traditional financial firms right now uh some some of it's really remaining pretty stagnant right cash is on the decline in the us everything's moving deep uh digital right so as we see that when everything's in digital space with this openness right of d5 um everyone can contribute we can really take the brains and the minds of everyone around the world and be seeing um you know what they have to contribute and that and that's that's the beauty of it doesn't you don't have to graduate from a great college or get a go to a great firm to contribute right now everyone can can have you know share a piece of their mind share their share their skill sets with other people around the world and i think that's that's what really defines about okay i think i think i made it in time to our moderator but yeah thank you thank you so much for the opportunity i hope everyone enjoys the rest of the the rest of the event jeff can we ask you a question before wrapping up fantastic keynote really good i mean you managed to to explain everything going on in d5 crypto game 5 nfts in 20 minutes amazing but just one question from the audience i'm also interested in hearing your answer i actually wanted to ask this question myself so from a consumer perspective when it comes to d5 it's quite complicated you know to set up a meta mask and to get access to these t5 platforms because you mentioned before so the good thing is like just by having access to internet you can get access to to d5 right which is amazing obviously um thinking of that we have two billion people without uh financial services or oh an account on a bank so how do you see this in the future i mean how are we gonna make this a bit more user-friendly for sure yeah yeah yeah definitely i mean if we want to talk about it before right first yeah like you said we got to make a meta mask you got to go to the link you don't even know where your money is sometimes your metamask lags i love metamask but i'm just saying and then you don't know where your crypto is and then there's like different accounts it's very convoluted it's very convoluted right so i think uh one one way that they're already doing right now is wallets are integrating with a lot of different dexes right and then they're making it almost like one click right i mean if you shout out to kobe cloud while we really make it easy you guys check it out but yeah it's like we we want to try to make a wallet have the experience of a centralized exchange that's what we want to do i mean a lot of people hate the word centralized but a centralized exchange i mean in the beginning they're all centralized right like what we want to do is we want to create a product that's almost like a one click you load your money in we have connection to fiat gateways or p2b channels you have the money in there it automatically connects to different chains and then the experience from the front end is almost like just a regular exchange or a regular wallet right so we're already gearing towards that and and the reason for this is by creating it and making it easy to use you're not only going to you know create a great product that's easy to use but actually you're bringing more and more people in i mean even myself when i first started like mining right i i didn't want to link a metamask of this like dude i'm only going to pay 100 on this new coin i don't i don't i don't really want to go through all that right so but by making it one click away more people are going to be involved where people are going to be able to buy these assets and then you know as as we go the entire market cap of all digital assets are going to go up right so i think it's really these light products that are going to make it happen fantastic thank you so much jeff amazing to see you again and thank you to the audience and now let's continue with the next edition i mean next panel thank you jeff see you soon bye [Music]