Lorenzo Pellegrino, CEO of Skrill, says he is bullish and that the crypto sector, which has the potential to disrupt the economy and influence changes in society.
Skrill is a company founded in 2001 offering money transfer services and micropayments using traditional fiat currency, whereas the entry into the crypto world took place in 2018. Their platform is aimed at small investors. Skrill aims to facilitate the acquisition and use of digital currencies for millions of people worldwide.
Lorenzo Pellegrino is the CEO of the company and during an interview, he spoke in-depth about his perspective on the crypto industry.
To a specific question about the impact that cryptocurrencies could have on the economy, he replied:
“I think a lot of people are starting to realise that cryptocurrency has the potential to really disrupt certain areas of the economy and even influence changes in society as a whole. This change will not be immediate, and, in my mind, will not happen in the short term either”.
To better explain the concept, he then specified that he believes that in the short term cryptocurrencies and traditional fiat currencies will coexist, with the former integrating the latter into some existing processes, but without generating a sudden exodus from the systems that we are all currently accustomed to using.
In the long run, he believes that no one can really predict what could really happen, but he is certain that there will be “exciting changes” arising from the use of these new technologies.
“The rate this space is maturing increases every year, and I don’t see that stopping anytime soon. As more and more established financial players such as ourselves join from traditional finance industries, the regulation and infrastructure needed to take it to the next level will begin to appear, and the markets will begin to stabilise. In turn this will lead to less speculative involvement and instead adoption and usage will start to become the main drivers of value”.
Pellegrino’s vision seems quite clear, despite not being precise, and is actually shared by many other people in the crypto industry.
The CEO of Skrill for example also believes that the involvement of any institutional investors would be by far the most significant change in the short term.
He says that “banks, social media companies, and governments – they’re all looking into crypto in a serious way. I’ve only seen this accelerate. You could definitely say I’m bullish on cryptocurrency!”
According to Pellegrino, the major obstacles in the path towards mass adoption are actually opportunities for those who are willing to innovate, even though regulation is another type of problem.
In this regard, Pellegrino cites as an example to follow, that of the FCA in the UK, which is working closely with professionals in the crypto sector, so as not to stifle any innovation.
On the subject of price volatility, one of the problems he identifies is what he calls “fraudulent trading activity”, such as pump and dump schemes and, in these cases, Pellegrino believes that regulation will certainly help.
Finally, he admits that it was only during the past year that Skrill began to make a real commitment to the crypto sector. Their goal is to provide a platform that makes it extremely easy for beginners to enter this world, and for this reason, they are focusing on training and simplicity.
He concludes by recommending not to invest more than one is prepared to lose and to “strap in for the ride”.