Exploring the Intersection of Traditional Finance and Web3: A Conversation with CEO Sarah Clark
Summary:
In a Cointelegraph podcast, Elisha Owusu Akyaw and Sarah Clark, CEO of E-Gates, discuss the intersection of traditional and decentralized finance. Clark, who has previously worked with major traditional finance firms, believes that blockchain and Web3 can fill gaps in the traditional system, like cross-border transactions. She highlights two main challenges surrounding cryptocurrency use in payments: acceptance and trust. Concerns include regulatory compliance, fraud prevention, and the secure source of funds. Clark also emphasizes the need for regulation updates to support new systems, instead of favoring old ones, to foster innovation and better customer experience.
As the surge in decentralized finance, also known as DeFi, continues, observers are speculating on how the traditional finance (TradFi) sector might respond. Episode 37 of the Hashing It Out podcast hosted by Cointelegraph showcases a dialogue between Elisha Owusu Akyaw and Sarah Clark, the Chief Executive Officer of E-Gates, who discusses how TradFi proposes to either compete with or collaborate with the world of Web3. The conversation also dives into concerns surrounding the realm of Web3 payments, including regulatory compliance, combating fraud, and gaining customer confidence. Clark, who has worked with prominent TradFi organizations like PayPal and Barclays before transitioning to Web3, believes blockchain technology and Web3 methodologies could fill gaps in traditional finance, including cross-border transactions. She urges a view of these changes as evolution, not revolution. Speaking on the utilization of cryptocurrencies for payments, Clark pinpoints lack of acceptance and trust as two major challenges. She expresses that the proportion of today's merchants that embrace cryptocurrency is insufficient and must expand for crypto-backed payments to gain momentum. She also emphasizes how Web3 payment service providers need to instill faith among regulators who are worried about the origin of funds and the possible misuse of cryptocurrencies for illicit activities. Customer concerns about the security of their funds are another issue that needs addressing. She suggests that disputes with regulators are common in all innovative spaces, reaching beyond Web3 to encompass fields like Silicon Valley. The CEO cautions that excessive regulations can hamper innovation and cause hurdles for consumers seeking a seamless user experience. Clark advocates for a shift from current regulations that favor established systems and disadvantage emerging ones, most of which didn't exist when the majority of financial and technological laws were established. For details on this intriguing conversation, you can listen to the complete episode of Hashing It Out on platforms like Apple Podcasts, Spotify, or TuneIn. Cointelegraph’s extensive range of informative podcasts can be found on the Cointelegraph Podcasts page. The latest in the magazine series focuses on Tornado Cash 2.0 and the race to create secure and legal coin mixers.
Published At
11/16/2023 1:20:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.