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Financial institutions want to build a ‘back office’ using cryptocurrency, says Ledger CEO Eric Larchevêque

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Ledger CEO: Financial institutions want to build a “back office” using cryptocurrency
Source: Pixabay

Eric Larchevêque, CEO of the hardware wallet manufacturer, Ledger, opined that the entry of financial institutions into the world of decentralized currency and blockchain, is not just for internal administrative purposes. Larchevêque believes that the crypto-technology could be used by institutions to create a “back office.”

In a podcast with Bloomberg, Larchevêque spoke about institutional investors, the fallout of the CBOE cancelling BTC Futures, the need for a hardware wallet, and the introduction of Ledger Nano X.

The Ledger CEO acknowledged the bearish effect of the crypto-winter. However, he remained confident that the market will hold firm, despite several coins dropping in value.

“Despite the collapse of the price in the recent months, the strategies are still very strong.”

Larchevêque stated that the entry of financial institutions into the cryptocurrency realm was not merely based on the underlying technology of the blockchain, as many have touted. He added that both decentralized currency and the process of tokenization will form the pillar of what could be the back office for institutions.

“Most of the financial institutions have a very strong strategy for the future of crypto because it is not only decentralised cryptocurrencies, it’s also tokenization and basically they really want to build a new back office based on this technology.”

The tokenization process, in the form of initial coin offerings [ICOs], was quickly abandoned after many associated crimes came to be known. A report by CipherTrace stated that over $725 million was stolen in 2018, due to fraudulent initial coin offerings, pyramid schemes, and exit schemes.

With the futures trading not shorting the contract on CBOE anymore, Larchevêque also reiterated his belief that the exit of the exchange could be a positive sign for the coin market.



Back when the CME and the CBOE entered the cryptospace in late-2017, the cryptocurrency market “shot to the moon,” leading to a surge in Ledger hardware wallets. During the period, Ledger sold over a million units, despite an expected sales figure of 30,000.

Larchevêque also cited the plethora of “opportunities” for financial institutions in the virtual currency market now, saying that a positive change in the collective market’s value was imminent.

“The future is really aligned with cryptocurrencies, tokenization, they don’t want to miss the next wave.”





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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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