PANews reported on May 25 that Coinbase CEO Brian Armstrong published an article on the X platform listing eight areas in the financial system that still need upgrading/updating:
- Tokenization of real-world assets: putting real estate, stocks, bonds, funds, etc. on the blockchain to achieve instant settlement, fragmented ownership, and large-scale distribution.
- 24/7 Global Trading: Aggregates global liquidity, accessible to every asset and every individual, with excellent leverage and capital efficiency.
- Next-generation payments: Near-instant, low-cost global transfers using stablecoins, including proxy payments.
- AI-driven risk, credit, compliance, and investment advice: better decision-making, less fraud, broader access to capital, and access to quality financial advisors for everyone.
- Regulation that supports innovation: Shift from a one-size-fits-all approach to risk-based rules that encourage innovation and competition rather than stifle it.
- Expanding accessibility: By reducing intermediaries through open protocols and using self-custodied wallets, access can be made available to anyone with a smartphone.
- Capital formation: Anyone can raise funds for good ideas at low cost in a one-stop shop, increasing the number of startups.
- Sound money: When the fiat currency system loses its binding force, sound money is a safe haven against inflation.
Armstrong stated that the work is far from finished before all these areas can be made inclusive, requiring significant technological innovation and policy efforts.
