LitePay CEO Says We Might Be Thinking About Crypto All Wrong
Crypto enthusiasts, beware!
The digital assets shouldn’t be used as a “get rich quick” scheme, according to LitePay CEO Kenneth Asare. They’re also not meant to replace traditional currencies or investments like stocks.
What blockchain technology is, though, is the “internet of money”. Asare compares it to the 1990s, when internet systems were being built.
“This is the very beginning of a new way of sharing and transferring value,” he told Cheddar Tuesday. “This is the first part of a very long road that goes from 300 million people being able to be banked to everybody with a cell phone being able to be banked, which is literally 5 billion people today.”
Asare’s comments come days before cryptocurrency Litecoin is set to roll out its payment processor LitePay to 41 countries. The service target individuals who are “unbanked” but who have access to a cellular device. The new system can ease volatility in the market by automatically converting crypto into local fiat currency.
But Asare points out that current volatility shouldn’t make players in the market nervous, since cryptocurrency, like the internet two decades ago, is still in its early stages and may need some time to iron out fluctuations.
“This would be like in 1990 talking about how the early internet companies were or were not working,” he said. “They were onto something, and now we can look back and see that we have all of these products that have been built on top of it.”
For full interview, [click here](https://cheddar.com/videos/the-internet-of-money-and-future-of-crypto-commerce).
Interest in the concept of the metaverse is heating up as more companies get on board, and Cathy Hackl, CEO of Futures Intelligence Group, a metaverse-focused consultancy, joined Cheddar to talk about trends to watch out for in 2022 and what it will take for it to be more than just a buzzword. Hackl noted that businesses likely will have to consider big technology upgrades in the upcoming year in order to keep up. "We're going to need new levels of computing power to be able to enable shared virtual experiences, both in VR but also in augmented reality," she said.
Ron Gutman, Co-CEO of Intrivo, joins Cheddar News to discuss how the company is creating a test and tech solution for Covid testing called 2Gather, and how it's using data-driven digital diagnostics to make these tests widely available and affordable.
The metaverse took the world by storm in 2021 and it is just the beginning of the virtual universe. Consumers are jumping on board and companies like Meta and Roblox are already taking advantage. Entrepreneur Andrew Duplessie joined Cheddar to discuss how the metaverse will impact the future of socialization and business. "If I'm doing anything right now, I'm building an app, I'm jumping into that ecosystem, and I'm testing it. I'm seeing what people think," he said.
