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).

Share:
More In Technology
What's Behind the Facebook Inc. Name Change to Meta
Nicola Mendelsohn, vice president of the global business group at the newly-christened Meta, joined Cheddar to discuss what went into the re-branding of Facebook's parent company. Regarding criticism that the name change might be a way for the company to deflect from news of its role in allegedly undermining child safety, growing political strife, and spreading vaccine disinformation, she noted that the process began even earlier. "Something like this takes a long time to pull together," Mendelsohn said.
Proptech Startup Juno Raises $20 Million
Proptech startup Juno recently raised $20 million in a Series A funding round. The company says the funds will be used to further its mission of building sustainable and affordable apartment buildings across the United States. Juno Co-Founder and CEO Jonathan Sherr joined Cheddar News' Closing Bell to discuss.
Load More