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).
Facebook officially announced that it is shutting down its facial recognition software which identifies users in photos and videos. The decision comes during growing societal concerns over the use of the technology. Cathy Hackl, Tech futurist and CEO of the Futures Intelligence Group joined Cheddar's Opening Bell.
Virgin Orbit is introducing air-launch services to the Eastern Hemisphere for the first time in history. Sir Richard Branson's space launch company has signed an agreement with ANA Holdings, the owners of Japan's largest airline, to procure 20 flights of its LauncherOne rocket from an airport in Japan, a big boost for the aerospace industry in Asia. Dan Hart, CEO of Virgin Orbit, joined Cheddar to discuss the new partnership, the future of air launch, and how small satellites can help monitor climate change impacts.
Virgin Galactic is reporting an increase in demand for commercial space flights after seeing a boost in ticket sales, raising the price for a seat on a shuttle to $450,000. The company said they now have 700 customers.
Walmart has joined forces with robotruck start-up Gatik to deploy driverless grocery delivery. We spoke to the CEO and co-founder of Gatik to discuss how the technology works and how autonomous vehicles will help ease supply chain issues.
At least 7 million customers have been impacted by a data breach on the investing app Robinhood. The specific information that was leaked varied by each customer, but Robinhood stated that hackers did not access social security numbers or banking information.
Doug Astrop, managing partner at Exponential Investment Partners, joined Cheddar to discuss Peloton's precipitous price drop, and whether the company can recover as the at-home workout trend tapers off. "They've lowered the prices on their equipment to try to attract a bigger audience because ultimately they're sort of headed to this Apple ecosystem model where they can monetize a loyal customer base," he said. Astrop noted that he believes there is a reality where the in-person gym experience and Peloton's at-home programs can co-exist.
Jill and Carlo discuss the scenes of joy at American airports as borders reopen, another tool in the Covid toolbox, the latest in the Astroworld crowd crush tragedy and more.
