Dash CEO and former Wall Street CEO Ryan Taylor talked about Wall Street's recent exposure to cryptocurrencies.
Ryan Taylor explains why he left Wall Street to pursue cryptocurrency
In an exclusive interview with CCN, Taylor said:
“I left Wall Street for two main reasons. The first is a huge opportunity that I consider to be inherent in the crypto space. This is an incredibly immature industry with huge potential for well-managed projects. The second reason is that this technology can change the world for the better by providing many people in the world with a greater degree of financial freedom. This is a truly exciting place to work. "
Dash is a cryptocurrency and digital autonomous organization (DAO) that enables merchants to process private cryptocurrency payments. The cryptocurrency has been accepted in Venezuela by over 800 merchants and is also active in Zimbabwe.
After 15 years in financial services and technology, Taylor left his position as a hedge fund analyst with a $ 20 billion investment firm based in New York to create Dash, and he has an understanding of how things work. behind the scenes in the traditional financial world.
“Wall Street tends to work on big new developments in the private sector, and I suspect many others are working on solutions, even while publicly avoiding cryptocurrencies,” Taylor said.
Crypto doesn't need Wall Street
The influence of the main financial institutions investing in cryptocurrencies is not yet visible, but Taylor believes that cryptocurrencies will act regardless of outside influence.
“Crypto doesn't need Wall Street to develop it. It is accepted by more and more people every year with or without it. There are significant advantages and disadvantages to Wall Street participation, but I think there is nothing that is generally positive that cryptocurrency is becoming more and more integrated with the traditional financial system. "
“Cryptocurrency can become much easier to use if it integrates with other financial systems and adds value to them. Would you rather use the US dollar if it wasn't integrated with the financial system? Turning the question around, it becomes clear that this will help cryptocurrency adoption, ”he added. While Taylor admits there are advantages as well as disadvantages from Wall Street that are becoming increasingly attractive in cryptocurrencies, there are other obstacles to be addressed before we see widespread adoption.
“Currently, regulatory uncertainty is preventing many companies from adopting and providing services comfortably accepting payments in digital currencies. Regulators will eventually adjust this area to the desired comfort. "
“When banks massively accept cryptocurrencies, I think that regulators will need to finally solve this problem. The problem is that regulators tend to focus on institutions, which is an unusual market that has evolved from a grassroots movement by ordinary people rather than financial institutions. As a result, the regulators are on their back heels, but they seem to be doing the job quickly, ”he concluded.