WEF Says Crypto Remains Integral to Modern Economy

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The World Economic Forum (WEF) shared its position on the cryptocurrency ecosystem as well as its underlying technology in a January 2nd post. 

According to this publication, WEF holds the opinion that the technology behind cryptography, crypto assets, and the blockchain will remain a crucial component of the modern economy. The international organization recognized that the use of these solutions is already a notable part, especially in the financial sector.

“While the underlying technology of cryptography and blockchain is generalizable to all industries and coordinating activities (collectively the building blocks of Web3), experimentation at the core of financial services, among other sectors, continues unabated,” WEF stated adding that “as a test of the staying power of digital assets and blockchains at the core of financial services (and other areas of the global economy), watch what the big banks and mature financial services firms do, not what they say.”

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Bearish Crypto Battle in 2022

Last year, there was so much unpleasantness in the crypto industry including the crash of the Terra (LUNA) crypto assets in May which caused over $2 trillion worth of cryptocurrencies to disappear. This misfortune has left the crypto industry market cap with only $800 billion in valuation, a far cry from it’s all-time high of $3 trillion 

After that time, there was a gloomy crypto winter which caused crypto projects like Celsius Network, Voyager Digital, and the others to become insolvent and thereafter, file for bankruptcy. Some others tried to weather the ‘crypto winter’ by laying off a sizable amount of their employees. 

Non-fungible token (NFT) marketplace OpenSea laid off 20% of its workforce in the heat of bearish market conditions. Snapchat, a multimedia instant messaging app had to close down its Web3.0 division after reducing its headcount by 20%. Also, leading investment giant Andreessen Horowitz’s ‘a16z’ was not left out of the pangs of the crypto winter as it recorded a 40% loss from the crypto winter. 

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As the year drew to a close, the implosion of FTX hit with a bang causing further bankruptcy filings including that of the FTX Derivatives Exchange. With all of these troubles in 2022, the WEF believes that “The embrace of crypto technology is equally inevitable, even if the term feels like a bad word,” in the ears of many people now.

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