“Decentralized exchanges are the future” of financial transactions.
This was said by the CEO of the Chinese Binance group, Changpeng Zhao, one of the many big names of the crypto industry and FinTech scene that attended the Malta Delta Summit, during which it was foretold that “the new banks will embrace blockchain tech by the end of the year“.
Binance is the perfect example of how Malta is attracting a growing number of companies and industry startups. The Chinese manager, who spoke on the 4th October on the future of crypto and exchanges, pointed out that the relationship between his group and the government of Malta, renamed Blockchain Island for its unique industry regulation rules, is “bilateral“.
The relationship between the private company and the Maltese government is based on “a constant confrontation to try to find the right formula that allows regulating the market ensuring security and transparency without penalizing the operators in the sector“.
Malta understands the technology
“Malta is a country where the government understands the technology,” said the CEO of Binance, one of the world’s most popular cryptocurrency exchanges. On the relations with the executive of the Mediterranean island, the CEO added that we are in the middle of “a conversation and a process of discovery“.
Staying on the subject of exchanges, DQR (which aims to create the perfect crypto exchange platform) and Neufund, a Berlin startup that calls its exchange the “Nasdaq of crypto”, were also present at the three-day summit on Blockchain and Digital Innovation, where they presented their latest projects.
But the discussion that probably aroused the most interest was that of the panel on Blockchain and the future of trading and banking (here is the full program of the event) regarding the impact that the decentralized ledger and payments in digital currencies will have on the modus operandi of the banks.
Two or three new banks will open within a year
According to former AgriBank CEO Roderick Psaila, a well-known banking expert, “two or three new banks will open in Malta within the next year”. This “will allow to fully embrace blockchain technology and cryptocurrencies”.
“We are already seeing new, smaller banks showing a willingness to adopt blockchain technology, but larger, more structured banks will need more time to adapt, both because of their systems and because they are waiting for the market to provide higher standards“.
Crypto will become a daily means of payment
Michael Matthias, CEO of the DAScoin cryptocurrency, who also spoke during the discussion panel, said that banks cannot afford to fall behind and must accept and welcome with open arms modern trends and technologies.
“As blockchain technology becomes more widespread, it is not unlikely to imagine a near future in which cryptocurrencies are used as a currency for daily payments and transactions”.
The Malta Delta Summit on Blockchain and Digital Innovation was held from 3rd to 5th October and Prime Minister Joseph Muscat called it “the most important meeting of its kind ever held in the world“.
Article in collaboration with Matteo Oddi