An illustration photo shows a Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen at La Maison du Bitcoin in Paris This story was delivered to BI Intelligence " Payments Industry Insider " subscribers. To learn more and subscribe, please click here .
Digital Currency Group (DCG), a Bitcoin and blockchain investment and collaboration hub, recently added members to its board and staff alongside the close of a major funding round.
Most notably, the firm added former US Treasury Secretary Lawrence Summers as a senior adviser.
The addition of an adviser with policy expertise could indicate that DCG is preparing for regulatory changes.
As blockchain simulation and pilots are becoming more popular, regulation is becoming a key concern, particularly because blockchain firms fear that inconsistent global guidelines could make interoperability and mainstream adoption challenging.
Summers could help DCG work with the 70 companies in its portfolio to navigate the regulatory changes that seem to be on the horizon . A US Fed Governor recently spoke about blockchain, noting that the Fed is continuing to engage stakeholders and colleagues on issues facing blockchain development and working to allow innovation without risk to consumers or overall stability. And four of the world’s leading blockchain trade groups formed a unified body, called the Global Blockchain Forum, to build common best practices and consistent policy.
This integration of legacy and startup financial institutions shows that we’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: […]
