Want more proof that Wall Street is coming to Crypto?
In a move that is downright shocking, another former big time Wall Street player has made his way into the crypto space.
The Gemini cryptocurrency exchange has announced the hiring of Robert Cornish to serve as their chief technology officer.
Why is that a big deal?
For one, it is the first time this position has even existed at the Gemini crypto exchange.
Secondly, and much more significant, Robert Cornish is the former New York Stock Exchange Chief Information Officer.
Yes, the same New York Stock Exchange that you see mentioned everyday in the financial news papers and often goes by the abbreviation "NYSE"!
(Source: http://www.thecommentator.com/article/6786/free_markets_out_perform_state_led_capitalism)
Um, wow!
The news was announced late last week and seems to have been lost in the shuffle.
The entire release can be found here:
https://www.coindesk.com/crypto-exchange-gemini-hires-former-nyse-tech-chief/
You may recall, Gemini is the exchange founded by billionaire brothers Cameron and Tyler Winklevoss.
In a statement about the hire, they had this to say:
"Rob is a tremendous addition to our team. He will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole."
(Source: https://www.coindesk.com/crypto-exchange-gemini-hires-former-nyse-tech-chief/)
This is yet another example of someone from Wall Street making the leap into the crypto space.
(Source: https://hacked.com/daily-analysis-another-risk-off-day-on-wall-street-amid-crypto-plunge/)
Crypto to disrupt everything?
In my opinion, those that are thinking that crypto will eventually be a part of the traditional stock markets may be slightly off, I am starting to develop a somewhat different opinion...
The more I see stuff like this, I am starting to think that the crypto industry may run parallel to the traditional stock markets.
It will compete with stock markets for capital and likely pull trillions out of traditional stock funds.
ICOs will disrupt IPOs and the crypto market will possibly disrupt the entire investing ecosystem.
We are a long ways off from this, but if every asset can be tokenized, what point is there to have shares in the first place?
Stay informed my friends.
Image Source:
https://www.finder.com.au/the-flippening-from-wall-street-to-crypto-street
Follow me: @jrcornel
@jrcornel For me blockchain and crypto will be everywhere in coming years . Governments which are against it sooner or later will accept this technology and i believe we will be even able to buy shirt,pants,cars,house or anything using crypto in coming years so crypto on wall street will be there as well :)
Yes, I think that is probably the case as well.
@jrcornel I totally agree with @moneyguruu
I hope few countries who're banning crypto will regulate crypto in near future too.
Most will reverse course at some point, once they figure out how to properly get ahead of it. The exchanges are the big worry right now for tax avoidance and money laundering.
Yes, similar is happening to India as well. All exchanges are finding a way to deal with such a situation. They're planning to launch P2P (peer-to-peer) transactions. Hope it'll be available soon.
That is the way around it for sure, well for the most part.
I’ve been thinking the exact same thing. Why can’t I mortgage a house on the blockchain? Why can’t I own and invest in companies on the blockchain? Hell why can’t I get a pay day loan on the blockchain? It’s only a matter of time.
My thoughts exactly. Not only that, but if every asset can be tokenized there really isn't a need to do an IPO, which is very costly in the first place.
That’s very true. I wonder how that’s going to interact with the legal system once it reaches that stage, but by then we might just be voting for our senators on the blockchain.
They'll start with the assets that are less regulated and hopefully that will demonstrate some benefits to others.
Yeah I suppose that’s what Steem is. Social media networks aren’t super regulated so it makes sense that one of the first really successful dapps is a social network.
Hi @lucious! There are many existing blockchain companies targeting mortgage, loans now.So it already exists, and it is not somewhere far in the future.
I didn't realize that. How do they plan to interact with the regulatory framework of any given nation? I'm not too familiar with the financial industry, but my gut tells me there's some regulation that would prevent or limit how you can put a mortgage on the blockchain. I might be totally wrong, but that's my instinct.
Smart Contracts is the answer!!! Now mainly on Ethereum platform, but many others start to compete with, NEO, WAVES etc.
There is a lot of noise about these platforms over the net!
I assume that Gemini's fees are probably wow respectively.
"Crypto" already runs in parallel to the rigged financial system, and is a rigged financial system in its own right, with less regulation, so why assume that it will become subservient to the traditional financial system?
It will require a more complete control over the internet and individuals' behavior to annex it to the traditional financial system.
Governments will do their best to regulate it as much as possible, plus big money won't show up unless there are rules and regulators.
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Cameron and Tyler Winklevoss; maybe Cornish will steal their next big idea? Can you say Zuckerberg? 😂😂😂
Ha, it wouldn't be the first time someone stole their ideas!
Bullish!!
The way I see it, the Wall St. veterans and insiders know the gargantuan bubble in legacy financial assets is starting to pop, and they're now positioning themselves in cryptos to ride the tsunami of fiat that will eventually pour into the crypto industry.
I actually think of it as the opposite... well mostly opposite. I think they see the giant bubble about to inflate in cryptos and they want to be involved while fortunes can be made.
Nice post! I think it is highly unlikely or impossible that crypto will be part of the stock market. But they might partly compete and complement each other (bridging the gap a little) depending on the circumstances.
I think they will eventually compete and partially replace the stock market.
Perhaps you are right, but it is more of a semantic concern for me. They are different entities. If you read my latest post, we are doing something similar in Norway right now. Tokenizing a traditional financial business.
Thats great news. I just hope more small investors can get in before the big guys. Sadly my friends don't believe in crypto.
i think this is right time to buy bitcoin and other crypto coins?
You and me both.
I genuinely don't think people who work on wall street need to rely on bonuses to invest in Crypto. They make more than enough as it is.
They aren't investing in crypto, they are helping build it.
thanks 4 given me nice information , if wall street join crypto then it's big deal for crypto lovers.