• Bitcoin
  • Blockchain
  • Crypto
  • Metaverse
  • AltCoins
  • Business
  • Investment
  • Upcoming
What's Hot

No Federal Reserve Policy Pivot In Sight – Bitcoin Magazine

January 31, 2023

Blockchain provider SIMBA Chain awarded $30M by US Air Force STRATFI program

January 31, 2023

District of Massachusetts | Founder of Purported Cryptocurrency Company Sentenced to More Than Eight Years in Prison for Multi-Million-Dollar Fraud Scheme

January 31, 2023
Facebook Twitter Instagram
  • Bitcoin

    No Federal Reserve Policy Pivot In Sight – Bitcoin Magazine

    January 31, 2023

    Bitcoin Kills Rent Seeking – Bitcoin Magazine

    January 31, 2023

    Mastercard Binance Offer Crypto Card In Brazil – Bitcoin Magazine

    January 31, 2023

    Twitter Prepping For Payments, Could Include Bitcoin And Crypto: FT

    January 30, 2023

    Will Madeira Become Bitcoin Paradise? – Bitcoin Magazine

    January 30, 2023
  • Blockchain

    Blockchain provider SIMBA Chain awarded $30M by US Air Force STRATFI program

    January 31, 2023

    Blockchain Pumps Up The Value Of Media Rights For NFL, NBA, And All Sports

    January 31, 2023

    Japan Implements Blockchain for Settling Rubber Futures

    January 31, 2023

    How the metaverse and blockchain accelerates economic … – e27

    January 31, 2023

    Play-to-Earn Is a Losing Game With a Focus on Money, Says Critics

    January 30, 2023
  • Crypto

    Is Ethereum (ETH) a Bad Investment Tuesday?

    January 31, 2023

    Ethereum staking withdrawal testnet Zhejiang to go online Feb. 1

    January 31, 2023

    Here’s how Kazakhstan aims to enhance its legacy crypto trading framework

    January 31, 2023

    Cryptocurrency Price Today In India January 31 Check Global Market Cap Bitcoin BTC Ethereum Doge Solana Litecoin Doge Ltc Gainer Loser

    January 31, 2023

    Bitcoin, Ethereum Prices Fall as Market Braces for More Fed Rate Hikes

    January 30, 2023
  • Metaverse

    Very Bullish-Rated GensoKishi Metaverse (MV) Rises Tuesday to $0.2098731953

    January 31, 2023

    Soul App “Möbius” Enriches Social Metaverse with NFTs

    January 31, 2023

    IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

    January 31, 2023

    Founders Workshop launches new Metaverse products division

    January 31, 2023

    GDC 2023 State Of The Game Industry Report Includes Insights Into VR And AR

    January 30, 2023
  • AltCoins

    5 altcoins that produced double-digit gains as Bitcoin price rallied in January

    January 31, 2023

    This Ex-Ripple Board Member Offers XRP As Shareholder Benefit

    January 31, 2023

    Voyager (VGX) Surges 49% Despite $445M Alameda Lawsuit

    January 31, 2023

    World’s Largest Crypto Hedge Fund Pantera Is Buying Altcoins

    January 31, 2023

    As Dogecoin Price Explodes, These 3 New Altcoins Might 10x

    January 30, 2023
  • Business

    District of Massachusetts | Founder of Purported Cryptocurrency Company Sentenced to More Than Eight Years in Prison for Multi-Million-Dollar Fraud Scheme

    January 31, 2023

    Crypto lender Celsius propped up its token, benefiting insiders – U.S. bankruptcy examiner

    January 31, 2023

    Enter the Metaverse – January 2023

    January 31, 2023

    Cryptocurrency roundup for January 31: FTX's Bankruptcy Filing Brings Australian Branch to Administration,… – Moneycontrol

    January 31, 2023

    Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars

    January 30, 2023
  • Investment

    Cryptoverse: Big investors edge back to bitcoin

    January 31, 2023

    Top 5 Bitcoin documentaries to add to your watchlist By Cointelegraph

    January 31, 2023

    How To Invest, Plus How Big Eyes Coin Has Had One Of The Biggest Presales Crypto Has Seen – CryptoMode

    January 31, 2023

    FTX sues Voyager Digital to claw back $446 million in 2022 loan payments

    January 31, 2023

    10 Best Penny Cryptocurrency to Invest in 2023

    January 30, 2023
  • Upcoming

    2023-01-31 | NEO:INXD | Press Release

    January 31, 2023

    Moody’s earnings beat by $0.19, revenue topped estimates By Investing.com

    January 31, 2023

    People who posted Sam Bankman-Fried’s bail should be named, U.S. judge rules

    January 31, 2023

    Bitcoin (BTC) Completes “Extremely Rare” Chart Pattern, Peter Brandt Says

    January 30, 2023

    White House calls on Congress to toughen cryptocurrency laws

    January 30, 2023
investorstoday.press
investorstoday.press
Home»Business»Crypto is back — in Davos, at least — as redemption tour rolls on
Business

Crypto is back — in Davos, at least — as redemption tour rolls on

maikdezana@icloud.comBy maikdezana@icloud.comJanuary 18, 2023No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

After a year of massive losses, arrests, and unfolding legal troubles, many of the world’s largest cryptocurrency and blockchain companies are back in Davos this year, hoping to shore up — or resuscitate, if necessary — the industry’s image and attract new investors.

The yearly gathering of the world elite — known for its concentration of billionaires, bankers, and heads of state — has become an unlikely destination for an industry that has long pitched itself as an alternative to traditional banking, beyond the reach of government and financial institutions. And while some key players — including Tether, a crypto giant that passed out free pizza at last year’s conference — are missing this week, many others are doubling down on their presence here, both on official panels and at private shops, yoga studios, and churches that they’ve converted into promotional event spaces for the week.

“We’re coming in with guns blazing,” said Dante Disparte, chief strategy officer for Circle, a digital currency and payments company. He added, “2022 was crypto’s dot-com-bust moment. Now we’re bringing in key executives and putting on a lot of content that shows that the technology is here to stay. It’s durable. It’s a crucial part of modernizing the global financial system. This is an agenda-setting moment that matters.”

The company, which issues a widely used cryptocurrency pegged to the US dollar, has doubled its investments in Davos this year, with two storefronts on the main drag and more than a dozen employees. Like many of its peers, Circle is focusing on topics like trust and responsibility this year, calling this a period of “great reset” for crypto.

That reset comes on the heels of a turbulent year for the industry. Cryptocurrencies such as bitcoin have lost more than half their value in the past year. Entire firms have collapsed — most notably, the $32 billion cryptocurrency exchange FTX, whose spectacular implosion in November landed its founder in jail and raised larger questions about the industry’s long-term survival.

The value of bitcoin fell sharply last year, dropping from more than $45,000 in March to around $16,000 in November. But it has staged a bit of a revival in recent days and was trading above $21,000 this week, giving its proponents a burst of optimism.

At the same time, government regulators are beginning to comb through the industry with new urgency, issuing fines and subpoenas.

As a result, many blockchain companies, which provide information-storing technology to power the crypto market, are focusing on more neutral topics, such as sustainability and innovation. Circle’s building is emblazoned with the tagline: “Solving real world problems.” Hedera, which has a token that has lost 80 percent of its value in the last year, is billing itself as “the greenest blockchain.”

“In the wake of FTX, we have a real opportunity,” said Nilmini Rubin, Hedera’s head of global policy. “You’re seeing the bad actors fall away and what you’re left is the more stable, better governed crypto players. This is an opportunity to reclaim what crypto is and what it can be.”

Still, some question the optics of spending heavily in Davos at a time when so many people, as well as pension funds and venture capital, have had their investments wiped out.

“When FTX collapsed, some of the biggest critiques of the industry were about its excesses: the excessive partying, the celebrity culture, the lavishness of the whole lifestyle,” said Yesha Yadav, a law professor at Vanderbilt University whose work focuses on cryptocurrency and financial markets. “So, at this point, to be doubling down on those same things in Davos — it’s a shocker.”

The criticism, though, isn’t limited to one industry. The annual gathering here has been a frequent target of critics who say it’s tone-deaf and superficial, a place for the elite to debate lofty topics like global unity and climate change while taking little action. This year, the war in Ukraine and heightened fears of a global recession continued to dominate much of the conversation, both at official events and boozy afterparties.

Meanwhile, big-name regulars, including Amazon, Microsoft, and Facebook parent company Meta, continue to have a prominent presence here despite thousands of recent layoffs. Salesforce, which this month announced plans to cut about 8,000 jobs — or 10 percent of its workforce — has three storefronts, the most of any company, on the hallowed promenade. (Amazon founder Jeff Bezos owns The Washington Post.)

Crypto’s outsize presence in Davos began last year, when currencies like bitcoin and ethereum were flying high. The conference devoted two official panels to blockchain technology, and companies spent heavily on advertising and hobnobbing. Large billboards brandying buzzwords like “blockchain” and “Web3″ filled the streets and took many longtime conference-goers by surprise.

This year, that presence is even bigger: There are seven blockchain sessions on the official program, including panels on regulation and digital tokens.

“This is an area we’re spending a lot of time on,” said Brynly Llyr, the World Economic Forum’s head of blockchain and digital assets. “Crypto is not always an inviting topic, but we want to demystify it to show that what you see in the headlines is not what the technology is about.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
maikdezana@icloud.com
  • Website

Related Posts

District of Massachusetts | Founder of Purported Cryptocurrency Company Sentenced to More Than Eight Years in Prison for Multi-Million-Dollar Fraud Scheme

January 31, 2023

Crypto lender Celsius propped up its token, benefiting insiders – U.S. bankruptcy examiner

January 31, 2023

Enter the Metaverse – January 2023

January 31, 2023

Cryptocurrency roundup for January 31: FTX's Bankruptcy Filing Brings Australian Branch to Administration,… – Moneycontrol

January 31, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest crypto news

Advertisement
Demo
Top Insights

No Federal Reserve Policy Pivot In Sight – Bitcoin Magazine

January 31, 2023

Blockchain provider SIMBA Chain awarded $30M by US Air Force STRATFI program

January 31, 2023

District of Massachusetts | Founder of Purported Cryptocurrency Company Sentenced to More Than Eight Years in Prison for Multi-Million-Dollar Fraud Scheme

January 31, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Categories
  • AltCoins (1,392)
  • Bitcoin (1,360)
  • Blockchain (1,377)
  • Business (1,371)
  • Crypto (1,358)
  • Investment (1,376)
  • Metaverse (1,353)
  • Upcoming (1,311)
Facebook Instagram
  • Contact Us
  • privacy policy
  • about us
© 2023 Designed by investorstoday.

Type above and press Enter to search. Press Esc to cancel.