Chainlink Creator Expects Mass Crypto Adoption To Send Market Cap To $10 Trillion
04 Octobre 2023 - 6:00PM
NEWSBTC
In a recent interview, Chainlink’s co-founder, Sergey Nazarov, said
the collapse of the banking industry will drive crypto mass
adoption. Chainlink’s Co-Founder Predicts Crypto And Blockchain
Prospects Over The Next Decade Sergey Nazarov believes that the
collapse of the banking industry will favor crypto adoption and
growth in the next decade. Related Reading: Crypto Is On The Brink
Of Explosion As 9-Year DXY Formation Returns Nazarov believes the
crypto industry and its technological innovations might maintain
the same slow growth pace. However, the industry player cited two
possible crypto and blockchain adoption scenarios in the next ten
years. First, the Chainlink co-founder proposed a fast-case
scenario where the collapse of the traditional finance system puts
individuals in pain. This pain will force individuals to
“acknowledge the relevance” of cryptographic financial
systems. Further, Nazarov noted that the continued collapse
of banks like Silicon Valley Bank could fast-track crypto
adoption. Secondly, based on the first theory, the collapse
of traditional finance systems will lead to political tension and
international problems. Nazarov believes investors will favor
crypto for financial operations if the pain of suffering losses
becomes unbearable. Therefore, Nazarov insists that even in
the slow case, the crypto market is likely on its way to a $10
trillion market cap. Chainlink’s Adoption By ANZ Banking
Group Supports Nazarov’s Growth Theory According to a new industry
report, ANZ Bank has adopted Chainlink’s CCIP for cross-chain
tokenized asset settlement. CCIP solution helps to transfer data
and tokenized assets across blockchains in a decentralized and
secure way, according to the crypto founder. Notably, ANZ
Bank is one of the world’s largest banks, with over $1 trillion in
total assets managed. Sergey Nazarov noted that Chainlink’s
adoption by ANZ shows how large companies are now adopting
Chainlink’s CCIP. Also, the co-founder stated that building
on a global internet needs secure connectivity between private bank
chains and public chains. The CCIP is an upgrade on the
Chainlink Network that functions as a global Internet of Contracts.
This upgrade aims to create the world’s largest liquidity layer
across various regions and markets. Remarkably, Nazarov
stated that CCIP can create a higher level of cross-chain security.
It achieves this extra security with multiple layers of
decentralization and advanced risk management techniques.
Moreover, most cryptocurrencies offer users fast and secure
cross-border transactions cheaply. However, some critics still
insist that cryptocurrencies are unreliable based on their
volatility and crisis in the sector. Related Reading: Will
XRP Price Defy A 50% Stock Market Crash? Analysts Share Predictions
With innovations like the CCIP of Chainlink, more banks may
integrate crypto and blockchain-based solutions. This drives crypto
to mainstream adoption, increasing the market cap to $10 trillion,
as Nazarov predicts. Meanwhile, the collapse of banks such as
Silicon Valley Bank (SVB) in 2023 has strained the global finance
economy. If another banking crisis occurs, cryptocurrencies might
become the preferred option for most investors based on their
rising utility. Featured image from Shutterstock and chart from
TradingView.com
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