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The Co-Founder and CEO of Interstellar, Adam Ludwin, in a recent conversation at the Money 20/20 conference extensively discussed the financial institutions and spoke on why they are so much fascinated with cryptocurrency and blockchain technology.
In the interview Adam said financial institutions were incumbents, stating two key reasons they are entering cryptocurrency world in folds.
Mr. Adam made known that the first reason behind their decision to join the crypto world was that the cryptocurrency world and blockchain technology were ready to become the âfundamental railsâ through which value are moved without hindrance.
He went ahead, stating that the future of the internet could not unsettle financial services for the fact that the system lacked format or architecture that could help move value the same way it moved data, adding that the idea is now completely new.
He said:
âSo thereâs a sense of well this is inevitable, we better get on this train or else itâs going to be a threat.â
Speaking further, he said the other major reason financial institutions decided to adopt blockchain technology and cryptocurrencies was because firms like Visa with growing influences were still left with the possibility of disrupting plenty of markets.
He added:
âSo for most of those institutions, theyâre leveraging this technology because theyâre actually acting like startups challenging new markets in the same way that actual startups are challenging financial services more broadly.â
Lately, Stellar blockchain achieved prominence shortly after Tensortask, an affiliate of University of Chicagoâs Polsky Center for Innovation and Entrepreneurship, unveiled a strategic partnership with the blockchain technology.
According to reports, Tensortask intends using the Stellar Blockchain to create a market for artificial intelligence.
In the same line, the latest program is among Google Cloudâs startup program dedicated to offering high growth potential while also making it a rewarding platform for Stellar by giving them the advantage to promote their blockchain technology and also spread its usage across the globe.
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