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Home Cryptocurrency news

Investor: Ethereum Is Poised To Replace Wall Street’s Archaic Back End

Tony Spilotro by Tony Spilotro
12 months ago
in Cryptocurrency news, Blockchain, Ethereum
Reading Time: 3min read
ethereum crypto wall street
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Ethereum has been among the frontrunners in the crypto market in terms of year-to-date performance. The number two cryptocurrency rose over 100% at the start of the year, fueled by the rapid growth of the decentralized finance movement.

The smart contract-based cryptocurrency is showing so much promise in the category, that one analyst believes that it will eventually replace Wall Street’s aging backend with its neutral settlement layer.

ETH Kicks Off 2020 With Strong Rally Following DeFi Milestone

Ethereum has been one of the best performing cryptocurrency assets of 2020. And before the coronavirus outbreak and stock market collapse set the entire crypto asset class back, the largest altcoin in the space had an ROI of 100% year-to-date.

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But a fear-driven sell-off has pushed Ethereum prices back to yearly lows, and because a recession may be around the corner, these new assets are taking a serious beating.

Related Reading | What’s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge 

However, Ethereum may have significant long-term value that will help the cryptocurrency survive whatever is to come in the financial world.

Although Ethereum is a cryptocurrency like Bitcoin, it shares only a few similarities. Bitcoin is designed for payments, storing wealth, and transferring said wealth.

Ethereum, however, is a smart-contract platform with nearly infinite potential use cases.

During the crypto hype bubble, Ethereum was used to launch initial coin offerings, helping to drive it to an all-time high price of $1,400.

But once that use case dried up, Etheruem’s value fell.

The enormous growth in the decentralized finance movement, however, has revived interest in Etheruem, and given it its best potential use case yet: replacing Wall Street’s back end.

How Ethereum Could Replace Wall Street’s Aging Back End

In a groundbreaking first, a $40 million dollar bond was issued on Ethereum as part of a capital infusion into the Fatburger restaurant brand.

Related Reading | Over 359 Companies Are Building The Future On Ethereum 

The deal also marks the first time that investment ratings firm DBRS Morningstar has ever rated securities issued on a blockchain. These securities are “digital representations” of ownership, coded via smart contracts.

Not only does the blockchain digitally provide a record of all transactions, but Ethereum is also now infused into the Bloomberg Terminal allowing anyone to look up who the company’s securities holders are, and quarterly interest payments are even issued directly from the Ethereum blockchain and into a wallet.

Last week a $40m bond was issued on Ethereum

$500m more in the pipeline

The bonds are tokens

Interest paid via stablecoin to Eth address

Bloomberg terminals integrated with Ethereum

Ethereum will replace Wall Street's backend w/ its neutral settlement layer

Just watch

?

— Ryan Sean Adams – rsa.eth ? (@RyanSAdams) March 10, 2020

According to the founder of Mythos Capital, another $500 million in bonds are in the pipeline for Ethereum and says the trend is likely to continue until the number two cryptocurrency completely replaces Wall Street’s back end.

Doing so could help Ethereum set a new all-time high in the months ahead as DeFi continues to grow.

Featured image from Shutterstock
Tags: bloombergETHethereumfatburderICOsecuritieswall street
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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