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WealthTech Transformation with Blockchain Technology and Cryptocurrencies

A summary of how Blockchain technology can shape transformation for the wealth management industry.
by Nicole AdarmeFebruary 5, 2021
WealthTech Webinar Summary Blog Featured

Summary from WealthTech Talks with the Wealth Mosaic

Millions of users are discovering digital assets and decentralized finance—new financial experiences that leave behind much of the middleware and inefficiency of the 20th century. Now is the best time to explore why and how wealth managers should consider Blockchain technology to transform their industry.

Last month, ConsenSys partnered with the Wealth Mosaic to invite wealth managers, industry experts, and tech enablers to think about what 2021 looks like and more precisely how Blockchain technology can shape transformation for the wealth management industry.

The discussion centered around:

1. Sharing market trends and discussing what to expect in 2021

2. Exploring the pain points and challenges major wealth managers and key players face

3. Highlighting the strengths and weaknesses of the existing value chains and the current wealth management ecosystem, to foster better collaboration between all stakeholders

Check out the full webinar video:

And here are a few of the top takeaways from our panel:

Dr.Efi Pylarinou, Global Fintech Influencer and Blockchain Advisor

  • “The rally in the cryptocurrency market started in August 2020. And today we find ourselves in a market with an approximately trillion dollar market cap, that no asset or wealth manager can ignore.”
  • “There is an agreement that Blockchain and DLT as an infrastructure will enable us to reach a more data-driven investment strategy with creative and innovative investment products that are truly alternative.”

Stefan Schwitter, Head of Investment Solutions at SEBA Bank

  • “Most family offices have been analyzing crypto assets for years on the side, but now they are ready to have 3-5% of crypto exposure.”
  • “What’s driving the demand is asset managers, family offices, we have been noticing a lot of institutional demand as the traditional sector was not able to satisfy new expectations.”
  • “What’s interesting with crypto holders is that they want their equity portfolio to reflect cutting-edge technology. This new investor profile is also super interesting.”

Lex Sokolin, CMO and Global Lead of Fintech at ConsenSys

  • “If you are a family office, you will have X% of your portfolio covering art collections, in the same vein crypto investors are holding digital art through NFTs. It’s pretty amazing.”
  • “Many funds are starting their Blockchain journey with crypto custody, crypto trading but what we are also seeing is a proliferation of applications on top of Ethereum.”

Read a summary of the challenges faced by wealth managers and the corresponding opportunities posed by blockchain technology by Lex Sokolin.

Dominik Poiger, Product Head at Van Eck

  • “Private wealth managers have been sidelined for a few years, but there are now a bunch of products that give the ability to get exposure to crypto.”