Connect with us


Interstellar CEO claims that financial institutions “inevitably” had to enter the cryptocurrency market

Ajay Narayan



Interstellar CEO claims that financial institutions "inevitably" had to enter the cryptocurrency market
Source: Unsplash

In a recent interview on the Money 20/20 conference, the Co-Founder and CEO of Interstellar, Adam Ludwin spoke about the financial institutions and why they were interested in the field of cryptocurrency and blockchain technology.

According to Adam, these financial institutions were incumbents and there were two fundamental reasons for them to enter the cryptocurrency space. Adam stated that the first reason was that the cryptocurrency ecosystem and blockchain technology were on an “inevitable march” towards becoming the “fundamental rails” through which value could be moved over time.

He added that the future of the internet could not disrupt financial services in any way because there was no format or architecture which could move value just the way it moved data and this had changed over the last few years. Adam further stated:

“So there’s a sense of well this is inevitable, we better get on this train or else it’s going to be a threat.”

According to Adam, the other reason for financial institutions to adopt the blockchain technology and cryptocurrencies was because big incumbents like Visa who had a lot of influence as a financial institution were still left with the potential of entering plenty of markets. Those markets where they were not an incumbent in and could possibly be a challenger for the rest of its competitors. He added:

“So for most of those institutions, they’re leveraging this technology because they’re actually acting like startups challenging new markets in the same way that actual startups are challenging financial services more broadly.”

Recently, Stellar blockchain gained traction after Tensortask, a subsidiary of University of Chicago’s Polsky Center for Innovation and Entrepreneurship announced a partnership with Stellar. Tensortask was reportedly going to use the Stellar Blockchain and create a market for artificial intelligence.

Furthermore, the new program is part of Google Cloud’s startup program which offers high growth potential and makes it a beneficial platform for Stellar to promote their blockchain technology and also increase its use cases.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.


EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand



EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.

The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.

Subscribe to AMBCrypto’s Newsletter

Continue Reading