Former NYSE president shows solid backing to crypto market

A former president of the New York Stock Exchange (NYSE) in the person of Thomas Farley has reiterated his stance — and trust — on the “secrecy” of the digital currency sector.

In an interview cited by Blockchain.news, the former NYSE President said that cryptocurrency is “the best kept secret in the world,” while adding that the finance world was already “past the point of no return.”

His statements were brought about by the Nasdaq listing of Coinbase last week. He also said that the crypto space is “amazing” and, along with the history of the financial markets, has so many things to prove.

No love from Wall Street 

The former NYSE official, who invested $10 million in Coinbase back in 2013, said that the innovations coming out of the cryptocurrency ecosystem had been ignored for too long by Wall Street and traditional finance in particular until the direct listing of Coinbase became a spotlight of sorts for the crypto industry.

Farley was also impressed by the innovations in Decentralized Finance (DeFi) and smart contracts. The growing space for these is creating a mark that is hard to miss and ignore, he said.

Cryptocurrencies and the technologies, platforms, and innovations that come along with them are gearing towards full mainstream adoption, and positive comments from the former NYSE official are good for their cause.

DeFi ecosystem in the works

This year, the Decentralized Finance (DeFi) ecosystem has also seen a significant surge, even when overshadowed by the growth of Coinbase and its emergence in the public market.

Innovative offerings such as lending, yield farming, flash loans, and many more have made a significant contribution to space, having a haul of over $50 billion in Total Value Locked (TVL).

Even with its remarkable advance, many are optimistic that the cryptocurrency innovations are just beginning and far from done. The Coinbase listing is also seen to accelerate the growth of this budding sector.

 

Image courtesy of Bloomberg Markets and Finance/YouTube Screenshot

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