Today, blockchain networks and cryptos allow people to transact directly without having to go through a centralized institution. With blockchain, retailers are able to bypass conventional financial systems and transact peer-to-peer without any barriers. But before being able to enjoy the features of cryptocurrencies, most of those new to crypto use exchanges as their entry points into the ecosystem as they convert their native geographical currency into their cryptocurrency of choice.
In 2020, the sheer number of cryptocurrency exchanges operating internationally have confused users. Cryptocurrency exchanges have an important role in pushing adoption around the world, but even the biggest advancements face significant challenges when trying to expand their services. Due to some key challenges and brutal competition, exchanges are not being able to expand and cater to every corner of the world.
A Call for Unity
Renato Rodriguez, one of the most esteemed crypto experts and fintech advisors in the world, has requested the industry leaders to come together and outline a crypto-adoption masterplan that would push crypto to every corner. Given that many countries have their own regulations and laws around the use of cryptocurrencies and the transfer and flow of fiat currencies, it is important for industry unicorns to form a Global crypto-asset association that would advise finance ministries of different regions about the regulations of cryptocurrencies.
“We can come together and build a solid infrastructure that is simple and intuitive for new users. We will have to target the local market and ensure our marketing communication is aligned with local culture, custom and language—while at the same time, taking care of regulations and other compliances” Renato Rodriguez, disruptive innovator.
Renato also said, “In our journey of global crypto exchange initiative, we will face countless hurdles as pushing the global crypto agenda is not a clear-cut endeavor.”
Building and launching a global crypto exchange initiative is a technical and challenging endeavor. But if crypto leaders come together and adhere to these challenges, then a solution won’t be too far. Today, crypto exchanges that are slowly building their presence in the world are surely the vanguard of the industry and are pushing the adoption and acceptance of cryptocurrencies around the world, but a collective cooperation and unity amongst leaders would expedite the process.