Cardano Foundation CEO Predicts Blockchain Revolution in Financial Markets

• Cardano Executive Sees Inevitable Overhaul of Financial Markets Using Blockchain.
• Cardano could play a very significant role in leading this overhaul.

Frederik Gregaard, CEO of the Cardano Foundation, foresees a future where blockchain technology is used to transform financial markets. In a post X, Gregaard paints the image of a financial ecosystem with solid products, built with the customer in mind and free from the constraints of traditional infrastructure.

Cardano Exec on the evolution of the financial markets

The CEO described the evolution of financial markets over the last 50 years. Gregaard points out that technological advances in the financial markets began right from the time of Instinet and NASDAQ which revolutionized electronic orders on the iconic Bloomberg terminals.

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He, however, noted high costs of maintaining massive facilities as one of the major challenges facing large capital market sellers. Nonetheless, the CEO believes that blockchain, with its inherent ability to ensure fair competition without special rules for any counterparty, can be used to eliminate fragmented infrastructures that increase costs.

Gregaard believes that integrating innovations such as blockchain technology into traditional business is rather a necessity than a choice. He cites an example where he uses UBS versus Crédit Suisse as a case of “adapt or die”. Gregaard describes USB as a leading innovator in the Swiss financial markets, working with entrepreneurs to foster creative ventures.

On the other hand, he highlighted that Crédit Suisse approached fintech integration very differently. He claimed that the bank refused to offer assistance in digitalisation and improving technical skills. Gregaard cites examples of former employees who mentioned the bank’s aversion to innovation and hesitation in trying new things.

Interestingly, former Credit Suisse CEO Tidjane Thiam revealed that Bitcoin was a bubble in 2017. Thiam said that the only motivation for buying or selling Bitcoin was to make money, according to The previous Crypto News Flash announcement.

Thiam’s anti-Bitcoin statements came before UBS was forced to acquire Credit Suisse at the direction of the Swiss government. The government provided a guarantee against losses of 9 billion francs, while the USB offered liquidity injections worth billions of francs.

The promise of Blockchain to financial markets

Looking to the future, Gregaard believes that innovation could accelerate and costs decrease if blockchain could become the common infrastructure for all market players. According to him, this could redefine value creation in the entire financial sector.

While legacy systems may not disappear overnight, Gregaard says their transformation may be inevitable. “As market dynamics shift towards more transparent and equitable systems, those who adapt to empower consumers and leverage new technologies like blockchain will be leaders,” he concluded.

Gregaard’s ambition for blockchain to transform the global financial system comes shortly after Cardano’s development team concluded new updates to the network. AS Crypto News Flash had previously explainedthe Cardano Plus team finalized guardrail scripts for Conway governance actions and optimized the PlutusV3 cost model.

At the time of writing, ADA, the native asset of the Cardano ecosystem, is trading at $0.4622, demonstrating an increase of 0.24% in the last 24 hours. The trading volume is set at $353 million, while the market capitalization is $16.4 billion.

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