Crypto and blockchain industries desperately need a win in 2023
Much work is needed to overcome the fiascos of last year
REELING from high-profile failures in 2022, those seeking to promote blockchain as a major solution for financial industries need to demonstrate some success if they are to regain their momentum.
The crypto industry suffered some savage blows in 2022. A virulent combination of incompetence and malignity brought down first the Terra/Luna stablecoin ecosystem and then FTX, until recently the second-largest cryptocurrency exchange in the world. The consequences for the cryptocurrency market cap have been devastating.
Optimists say that these events will serve to blow away the speculative froth, shake out the bad actors and let the rest of the industry get on with building some truly valuable applications for blockchain under the renewed scrutiny of regulators.
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