Jesse Powell, chief executive of crypto exchange Kraken, says the firm is seeing a significant uptick in the number of new users as interest in cryptocurrencies grows.
“Quite a lot, actually. And people that started trading with cryptocurrencies first are shocked to find out how the equities markets actually work, with so many middlemen in the process, not actually owning your stocks, having someone else technically own them, having someone else custody them, not being able to move them wherever you want instantly.
It’s a very different system, and I think it’s a system that is really no longer necessary now that we have a crypto system. And I think we’d be much better off with a bare instrument system where people can take their shares, move them anywhere they want, trade them anywhere they want, and trade directly on exchange.”
The crypto exchange appears to be benefitting from the increasing interest in the space as Powell confirms that Kraken witnessed a six-fold surge in new sign-ups.
“Yeah. I mean, in the last 24 hours. Something obviously happened that caused a lot of people to come into cryptocurrency just in the last day.”
As for the decentralized finance (DeFi) space, the Kraken executive believes that the nascent sector is poised to disrupt the legacy financial system.
“And Ethereum gives you access to a whole world of decentralized smart contracts, decentralized exchanges, lending protocols. DeFi is really eating the world of finance, whether people know it or not yet. I think 10 years from now, we’re all going to be doing 90% of our financial services on a blockchain.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/ArtStudio29