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Home»BITCOIN NEWS»Kraken CEO Dave Ripley at DC Fintech Week: Building Bridges to the On-Chain Future
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Kraken CEO Dave Ripley at DC Fintech Week: Building Bridges to the On-Chain Future

By Crypto FlexsNovember 25, 20234 Mins Read
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Kraken CEO Dave Ripley at DC Fintech Week: Building Bridges to the On-Chain Future
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The collapse of FTX may have dominated the discourse at DC Fintech Week, but on stage Kraken CEO Dave Ripley insisted the event was merely a bump in the road to a future where finance moves entirely to blockchain.

During a panel discussion featuring industry leaders including Galaxy founder Michael Novogratz, Bitso CEO Daniel Vogel, and UniSwap COO Mary-Catherine Lader, Ripley took the lead in laying out how the market is evolving due to the industry’s latest challenges.

Moderator Mackenzie Sigalos (CNBC) set the tone by directly asking Ripley an important question: “Is now a good time to be a centralized exchange?”

Ripley saw an opportunity to address concerns surrounding custodians holding the private keys that control users’ digital assets. He noted that responsible industry leaders can encourage users to embrace the benefits of blockchain by putting funds into their wallets.

“We have been big proponents of having your own keys. We Think FTX makes Because in the case of cryptocurrencies, this is the only place where you can eliminate trusted third parties. We are a trusted third party, a bridge to cryptocurrency, and a meaningful role in connecting people to a world where they can do so.”

Kraken CEO Dave Ripley appears on the Future of Exchanges panel starting at 1:20:00 in the video.

There was disagreement on the panel about how soon that future might arrive. Lader highlighted how blockchains like Ethereum can scale rapidly, allowing more and more users to hold their assets, while Novogratz predicted that this transition could take decades to complete.

In particular, he emphasized the need for exchanges like Kraken that have regulatory expertise and are staffed by senior experts.

Elsewhere, the conversation turned to the recent wave of ETF applications. Ripley cited enthusiasm for existing products that could appeal to new demographics and help rebuild trust in the cryptocurrency industry, which is still struggling to overcome recent challenges.

“All of these new products that provide better access to people are fantastic for us,” he said, adding that Kraken’s mission is to increase cryptocurrency adoption and that new products directly benefit Kraken by contributing to the overall growth of the industry.

As an example, Ripley noted that CF Benchmarks, a subsidiary of Kraken, is the official benchmark provider for six of the more than 10 Bitcoin ETFs currently in the application approval process. This is another example of how incumbents entering an industry benefit innovators like Kraken.

The discussion concluded with a thought-provoking question from Sigalos. “Can centralized exchanges like Kraken be replaced by decentralized exchanges?”

In response, Novogratz emphasized the continued role of centralized exchanges, especially for important transactions involving institutional investors that are far from “cutting edge.”

Finally, Ripley acknowledged his belief that while finance is moving toward blockchain, customer demand for trusted custodians like Kraken remains strong and growing.

“We are one of the leading exchanges with a team of over 2,500 people. “We are No. 1 in Euro trading, No. 1 in British Pound trading, and No. 1 in Canadian Dollar trading,” his remarks demonstrate our global vision for cryptocurrencies.

This is a taste of the conversation from DC FinTech Week. Check out the official DC FinTech Week website for more activities and highlights from the event.

These materials are provided for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptocurrency or to engage in any particular trading strategy. Kraken makes no effort to increase the value of the cryptocurrency you purchase. Cryptocurrency products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptocurrency market may result in loss of funds. Taxes may be levied on the appreciation and/or reporting of your cryptocurrency assets and you should seek independent advice regarding your tax position. Geographic restrictions may apply.

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