ASD team has just arrived from Limassol, Cyprus where we attended iFX Expo 2018, one of the biggest European expos for financial institutions. The event was really huge and gave us a lot of valuable insights. And we are going to share them with you.
Day 1 Recap: Crypto Industry in the center
First day panel discussions were focused on crypto industry and its tough times with new regulations in action. The language of discussions was more restrained than ever before. Yes, still full of optimism, but concerned about the future development of crypto industry in light of the fact that regulations become more and more strict.
The key conclusion from CEO discussion was the following: “The industry will continue growing adapting to the new rules and regulations”. That was quite an obvious finding, but we may assume crypto industry may just find other ways to evolve rapidly. Those topics were discussed at Day 2 panels (in light of new marketing tricks, for instance).
So, the key message of the Day 1 was like ‘Crypto industry has tough times considering new legislations and regulations, but it’s still full of enthusiasm to grow and evolve’.
Day 2 Recap: FinTech products are getting smarter and Blockchain technology is in the middle.
Day 2 workshops showed us that most of fintech products have already adopted AI, NLP and Machine Learning technologies. Even simple (at a casual glance) CRM software now use Artificial Intelligence, ML and Big Data Analysis to help any business grow easier.
Also, we’ve met with a lot of Blockchain startups teams. And all we can say, they are doing great things mostly! Those companies build previously impossible solutions using blockchain technology.
For instance, PumaPay uses blockchain technology potential to resolve the issues of the standard payment processing. Currently they are approaching the final stage of their free, open-source, blockchain based payment protocol and they promise to launch in about 2 months. Here’s what they say about their project pros:
“With PumaPay merchants can:
Plug-in various billing solutions to enable acceptance of cryptocurrencies directly, replacing credit card companies and other billing processors
Offer customers comprehensive and flexible billing solution, addressing all common billing practices, including recurring, pay-per-use, etc
Eliminate risks of fraud and chargebacks and associated fines.
Saves the exorbitant middlemen transaction fees ranging from ~3% to as high as ~15%”
It will be great if most merchants adopt such service: everyone will save a lot!
Another blockchain startup decided to use the technology potential for investment purposes. They state, that blockchain can make investment management business processes ‘more auditable, transparent and secure’. One Blackmoon Platform key value proposition points is:
“Best of both worlds
Currently the majority of tokenized investment vehicles are either fully crypto-oriented (invested in cryptocurrencies) or pegged to some tradable asset (such as the US dollar or gold). Each of these approaches is siloed, hindering diversification. Access to fiat investment opportunities provides unprecedented diversification in terms of income sources while retaining all the benefits of the crypto universe, including decentralization, transparency, and exchangeability.”
Particular attention should be given to the University of Nicosia. They are the first university ever in the whole world accepting Bitcoins as a payment method for tuition. Moreover, they were the first to start issuing certificates for blockchain course students! Yes, they’ve got blockchain courses and graduate a lot of students. And, yes, these courses’ professors learn and teach at once. That’s how they make blockchain future happen!
ASD team was happy to meet all of those amazing companies at iFX Expo 2018! See you at the next expo where we are going to present our new blockchain project for microlendings.