The collapse of the FTX cryptocurrency exchange placed the whole crypto industry on life support, but an expert has claimed institutional finance is still interested in web3.
Leaving behind a year of financial fiascos, Yahoo Finance UK looks at the web3 sectors that have the potential to shine in 2023 and beyond.
On this week's episode of The Crypto Mile, Fadi Aboualfa, head of research at enterprise-grade custody provider Copper which helps institutional investors navigate the web3 world to safely acquire, trade and store digital assets.
Aboualfa said institutions that were interested in web3 at the beginning of 2022 are still interested.
Even after a year of imploding centralised cryptocurrency exchanges, failed hedge funds and disastrous tokenomics, investment is still being channeled into web3 developments.
Capital is being directed at innovations that can facilitate a more open financial system and open access to financial products that would otherwise reserved for wealthy clientele who have access to investment banks and asset management arms.
Aboualfa said: "In 2023 we're going to see a lot more on the custodial side and understanding of the custodial side, simply because it's interesting to see that a lot of the devastation that has happened in crypto in 2022 was actually the reason why crypto exists in the first place, which is ownership of your own assets.
Read more: Worst crypto scams and 'coverups' of 2022
"I think that's one of the primary things that we're going to see develop more closely the infrastructure around securely storing your assets and teaching people how to securely store their assets rather than, keeping them on these centralised players and taking on these counterparty risks."
Source : [Web3 sectors to watch in 2023](news.google.com/__i/rss/rd/articles/CBMiaWh0dHBzOi8vdWsuZmluYW5jZS55YWhvby5jb20vbmV3cy93ZWIzLXNlY3RvcnMtMjAyMy1jcnlwdG8tZnR4LWJsb2NrY2hhaW4tZXRoZXJldW0tYml0Y29pbi0wNjAwMjc2NTIuaHRtbNIBcWh0dHBzOi8vdWsuZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL3dlYjMtc2VjdG9ycy0yMDIzLWNyeXB0by1mdHgtYmxvY2tjaGFpbi1ldGhlcmV1bS1iaXRjb2luLTA2MDAyNzY1Mi5odG1s?oc=5) undefined - December 28, 2022
