The panelists all concurred that in order to fully comprehend blockchain technology's larger implications and future prospects, conventional finance (TradFi) and blockchain technology must be combined.

According to Surpateanu, "Blockchain helps creative industries optimize and attract consumers." Blockchain and TradFi cohabitation is already a reality and will only become better.

Speakers at Money20/20 have stressed the value of interoperability, and Surpateanu repeated this point by saying that interoperability keeps blockchains from being fragmented and encourages creativity.

In order to provide safe venues for institutional and retail clients to interact with cryptocurrencies, the panelists stressed the necessity for centralized exchanges.

An eventful year for blockchain technology

The panel discussed the significant expansion of the cryptocurrency sector in the last year, particularly in the blockchain space.

"When I joined Citigroup in 2017, the motto was 'blockchain, not crypto.'" The emphasis has returned to infrastructure since then, according to Surpateanu. "At this point, the cryptocurrency market cap is more than $2.6 trillion USD."

Surpateanu is working on creating a platform that, similar to tokenization, would enable users to swap digital goods for real ones by validating and authenticating data across several blockchain levels. This technology is attracting a lot of interest from the fashion and gaming industries since it allows them to better understand their user bases and gain insightful data.

Sthankiya went on to emphasize Kraken's expansion and the changing cryptocurrency scene.

Over the previous twelve years, cryptocurrency has rapidly matured. With over 200 tokens available for trade, we currently operate in 190 countries. The industry's level of safety, security, and regulatory compliance has significantly increased, he claimed.

Blockchain in banking and payments

After after, the topic of blockchain's useful uses in payments came up. Craddock discussed the improvements in speed and effectiveness of cross-border payments.

"Sending an international wire transfer takes longer than flying money to Australia. This inefficiency is addressed by blockchain technology, according to Craddock.

Sthankiya emphasized Kraken's function in enabling substantial trades. He clarified that centralized exchanges' safety and security play a critical role in satisfying institutional clients' increasing need for the rapid transfer of sizable sums of money across international borders.

Surpateanu also offered a critical perspective on the use of blockchain technology by banks.

"Banks have room to grow in terms of their ecosystem integration. Although banks have competent teams with a strong understanding of cryptocurrency, regulatory concerns and a compliance-driven mindset sometimes hinder them, the speaker stated.