The top crypto traders around the globe reportedly met early this year for discussions in making digital tokens and assets an integral part of the world’s financial architecture.
A recent Bloomberg report stated that the meeting was organized by Hoe Lon Leng, an executive from Standart Chartered, and Galaxy Digital representatives. Among those who attended the talks were crypto specialists from Binance and Coinbase. The mini-summit was said to have been held at one of Singapore’s luxury resorts.
The meeting is said to have paved the way for a clearinghouse for digital derivatives to be established, with the objective of lowering trade costs while boosting trade volumes. The project has been dubbed the Liquidity Offset Network and would reportedly go live by July. It will be monitored by Singapore’s Monetary Authority.
Simon Nursey, a former associate of Leng who attended the meeting, said that the group considers the move as the crypto market getting into shape so it can “absorb the entry of traditional finance firms.” He added that it’s the start of a new class of assets.
The meeting of crypto’s top marketers allegedly concentrated on over-the-counter agreements than on bitcoin (BTC) futures. Nursey believes that established trading guidelines would encourage more investors and Wall Street bankers to start looking into investing in cryptocurrencies.
Credit Suisse’s ex-compliance chief, Eoin O’Shea, admits that there are still challenges to be faced. He told Bloomberg that crypto basically remains a pejorative due to the industry’s documented fraud cases. O’Shea believes crypto would have to rid itself of this taint if it wants to go mainstream.