Speaking at the Fintech Talents Festival, Zumo co-founder and CEO, Nick Jones, discusses the future of the internet and how Web 3 is set to revolutionise the way we interact online.
To stay relevant Web 2 companies need to adopt Web 3 practices into their digital business models, such as non-custodial wallets and wallets as a source of digital id and source of funds.
Governance and Regulations
Nick also joined a panel at the prestigious 2022 Web Summit, which brought together 70,000+ people and the companies redefining the tech industry.
He described how the Gen Z market is maturing in terms of their Internet knowledge and are more educated and astute users of crypto services, and are more financially literate.
Nick also stresses the importance of governance, highlighting how the industry has been guilty of promoting get rich quick schemes with disastrous consequences. It’s important that these down times act as a force to improve the industry, improving regulations and the role financial providers play as trusted guardians for users.
He sees this as the number one issue for the industry. There’s a knowledge gap between the sector and regulators and there’s no global consensus yet on how that should operate. Transparency and these robust structures are the key to achieving the trust factor that will continually attracting new users into the sector and thus sustain a successful economic growth for the asset class.