Global Obstacles of Bridging Web 2.0 and Web 3.0: Lessons from the Past - TOKEN2049 London 2022

so my name is Vicky kapoka and I'm from New hodler we are Swiss based um crypto company and I'll be speaking a little bit on the obstacles of bridging web 2 and web3 a little bit of lessons from the past so you had less accompany if you have had a chance to pass by our book you would have learned a little bit about us and if not hopefully after this you'll get to come and chat a little bit with us in the industry we have been in since about 2017 and we have always been positioned to um bridge the gap between traditional finance and new finance and as we approach 2023 we are trying to reimagine web3 in order to have both web tool services and web 3 services within one platform so that is very exciting for us and really if you do come pass by we can kind of you know chat a little bit more but obviously as you know we we move on with this new um web to web3 phenomenon we do understand that we are going to have a little bit of um obstacles um as we go and what we are trying to say is that um as much as you know we are all very much excited for for this we we need to work together you know as a community a community in order to kind of find possible solutions for all the obstacles that we are going to um come about so if we let's say look at historical perspectives um and you have a look at let's say the adoption of internet or um the adoption of normal payment services there's always a gap in terms of how we we move forward in terms of developing countries as well as developed countries and um one of the poet from the 17th century said that obviously no man is an island and you know we need to work together so what we say is that we are not an island in terms of how we move forward we are our community we are Global and when we talk about crypto we are not talking about one country we are talking about a whole entire um Community as we go and um funny fact is that a few days ago I was at a regulatory training and a regulatory training and the regulator was kind of giving a few um case scenarios about how a money transfer and people are sending money to different countries and most of those countries were African countries so he was trying to understand which of this um which of these um transfers are more high risk and obviously made a comment to say it's the African countries because we don't have banks in Africa we are in 2022 um I don't know how that is actually relevant but even when we speak about that it it if you see the cues that money transfers we understand that we shouldn't be queuing we should be sending crypto to you know somebody to your sister that's in Africa and be able to you know go to an exchange and put that into Fiat and pay wherever we can but we can't do that we literally cannot do that because there is a gap in terms of how we are evolving as a developed country as opposed to how the underdeveloped countries are evolving it should be very simple but obviously when we talk about growing as a community one of the biggest Gap that we face is the gap in adoption so for us as a developed country it might look like yeah but it's none of our problem but we are literally missing out on we are literally missing out on a population of in terms of Africa 1.4 billion people I think all of us that are here right now are able to provide our services to quite a lot of African um businesses but we can't you know so we focus on you know the developed side whereby it's it's a little bit of the population but um as as we grow and if we want to grow and if you want to be fully successful as a community we need to take note that there is a gap and we need to close that Gap and when obviously with the gap of adoption one of the big thing that comes is regulation nobody wants to hear about regulation but unfortunately um when you know a Switzerland is creating laws but in Namibia is not creating laws we do have bad players in the market that would prefer to operate in a country that has no laws and and that creates a lot of mistrust in the industry that we are in you know not all of us are bad players but people are going to be in the markets with lesser laws but at the same time crypto is global but it's still regulated very locally like it just doesn't make sense so we are trying to get a license in Italy a license in France but it's complicated you know it's a lot of work you know this country is saying hey that country is saying B but crypto doesn't say that you know we just speak about one one item but these are the difficulties that are coming if you know if we don't also close the gap of um regulatory Arbitrage because then we also have bad players in the market as well that are creating new coins with the sole purpose of evading the framework of that specific country and you know we had Regulators chasing after this this and that it's basically delaying the whole process and I think when we want to grow that is one Gap that we're clearly need to actually close but when we speak about regulation I say it's Global you know we need an international body to kind of come into play and you know help us transition so we can say this is how we regulate this is how we go forward but when we speak about an international body who do we speak about who is going to create this International body is it The Regulators is it the government or is it us as a community that kind of sits here right now and understand the market way better than anybody else you know we basically expect The Regulators to come in and for that I think we'll be waiting for a long time and also they don't understand you know so we still need to teach them you know and it's a whole process so the question is how do we fix how do we fix the problem you know how do we move forward and I say the biggest thing is that we're really really need to educate like when I say I want to send money to my sister and Namibia and I want to send it with Bitcoin she won't trust me like she won't know what to do I do but you won't know what to do they so in other words we are not educating so there's this Gap in education that is causing a lot of confusion it's causing a whole lot of mistrust and this is why we have a very uh you already have a volatile Market you know so we want to be on the same page we want to be aligned and so we are saying all countries you know develop developing you know all Industries you know whether it's the legal Industries the accounting industry we all need to be very aligned in terms of how we move forward and then the other thing is we're really really I said it yesterday and somebody said oh that's a Hot Topic but we really really need to engage with our Regulators like I feel like we are afraid of The Regulators The Regulators are afraid of us you know so we started and we went and then they came and they're like okay now we need to regulate in terms of money laundering and then you know they are chasing after us they're chasing and then we are going now we have moved on moving to web3 it's a different industry and they are still trying to regulate this one part so half the time The Regulators are chasing and when they actually Chase and they come they still don't understand what we are doing so we really really need to engage with our Regulators so that when we go we are literally on the same page but I think as I speak today and somebody mentioned it yesterday is that most of us we don't know that it's a problem and if we don't know that's a problem well we are not going to do anything about it but let's say if I say it's a problem do you even care that's a problem you know so you actually need to know it's a problem you need to care that it's actually a problem and then would want to do something about it because I say you know this is why lawyers are not invited you know because when you put a legal and compliance person on stage I'm just not coming and talk about problems and problems the whole entire day so we don't get invited to parties I understand now but um for for me as a millennial somebody that comes from a developed country I literally I I want global economic growth you know I want Financial Independence I want efficiency in terms of what I do cool so I get to stand here and be like you know what there is a problem and we need to find solutions to those problems and you know while we come to the end of it this is a quote from you know a CEO that says to truly make this a successful Endeavor we need to simplify everything so it's intuitive and people-centric but he says this because I'm here a recent interview in terms of how we are positioning the company towards a web free Bank you know we it's q1 Q2 that we are looking forward so what he's saying is that um in the the only way to actually evolve for a financial Revolution you know because we are evolving it's to bridge the gap between traditional Finance and new finance and the only way to bridge that Gap is Simplicity and respect and he says that to say we need to respect the traditional organizations and institutions that have been in place we need to respect them we just can't you know cut them out that the systems were therefore risen they've been working for a reason but we need to take some of those services and bring them over towards web 3. and only through that we are able to clearly bridge in a smoothly way and with that I really say thank you and hopefully you do pass by our book so that we can engage more as to how we plan on bridging that gap between web 2 and web3 by providing a web 3 Bank in the next era thank you very much