Singapore, SINGAPORE – The crypto markets may be in the doldrums, but for companies like cryptocurrency luxury payment gateway Aditus, it’s still very much business as usual. At an exclusive, invite-only event, Aditus catered for crypto insiders to share with a select audience their thoughts on the future of cryptocurrencies. And what better venue to share thoughts from leading crypto insiders than the always inspiring Lamborghini showroom at Lamborghini’s headquarters in Leng Kee Road. Flanked by million-dollar supercars like the Lamborghini Aventador and Huracan, Aditus co-founder and CEO Julian Peh shared the latest developments at the company, including the ability to purchase a Lamborghini in Singapore with crypto as well as his company’s experience with luxury merchants and the growing pool of interest among luxury merchants to serve the growing ranks of crypto-affluents. The panel discussion, moderated by Patrick Tan, partner and general counsel at proprietary trading crypto hedge fund Compton Hughes was lively and interactive and graced by Shaun Djie, COO and co-founder of decentralized gold-backed Digix, Vic Tham, Chief Investment Officer of crypto payment gateway Pundi X and Jack Chia, crypto whale and managing director of up and coming cryptocurrency exchange Cryptology.
Shaun Djie of Digix noted that many of the things which are making greater crypto adoption challenging is the current user interface, the irreversibility of transactions as well as the need of individuals to take personal responsibility for their own crypto assets. But he also noted that some of the brightest minds in the world are working to improve the useability of crypto, as well as to make it more accessible, especially when it comes to retail transactions.
Pundi X’s Vic Tham, former COO for transaction banking at Bank of America Merrill Lynch and a 30-year banking veteran noted that his personal journey to going into crypto is his recognition of how the world develops in “waves,”
“I have a very expensive camera, worth a few thousand dollars, but it uses film. And very reluctantly, I had to get rid of it, because we just don’t use film anymore. There’s just no way of going back and so it will be with crypto.”
Stressing the need to understand the long term value proposition of cryptocurrencies, Tham reckons that the best days of crypto adoption are ahead of us and not behind and while there may be challenges, similar to any other new technology, these challenges are ones which will be overcome eventually.
Crypto whale Jack Chia also chimed in on whether or not investors looking to make crypto part of their asset portfolio would find this a good time to enter. Stressing the need to do due diligence, Chia said that there is value in the ecosystem at the moment. An early adopter of Bitcoin, Chia was trading in Bitcoin as far back as 2012, barely 3 years after the first Bitcoin was mined. Chia reckons that the long term prospects of cryptocurrencies remain positive, despite the short to medium term volatility. As a user who was able to seamlessly transfer assets across borders unimpeded, Chia believes that that need is not likely one that will go away anytime soon. Chia is also of the view that security tokens, will eventually become the next wave forward. Noting that the United States is already instituting a quasi-security token regime, it’s only a matter of time before countries such as Singapore follow suit, not just blockchain companies, but traditional companies who are looking for access to capital. Chia even went so far as to provide a timeline suggesting that by the second half of 2019, Singapore itself may provide the regulatory framework for security tokens to become a reality, noting that Singapore may not necessarily always be the first to provide such regulations, but that when they do, they will provide the most favorable regulatory climate to do so, having had the privilege of observing the experience of other jurisdictions.
The audience was no doubt keen to understand the insights of these crypto insiders as well, fielding questions to the panel on what their view on the future of cryptocurrency adoption was. According to Djie from Digix, beyond the need to improve the user experience and the user interface, there was a need to also smoothen out the infrastructure to support the cryptocurrency and blockchain ecosystem. Tham from Pundi X noted that the change would come when you start to see people use cryptocurrencies seamlessly as a method of payment, something which Pundi X is well on the way to achieving with its ubiquitous point-of-sale system which also accepts cryptocurrencies. Chia from Cryptology notes that despite being in the crypto space for so long, he feels that he has grown and learned together with the community and he’s determined to continue to stay the course, to make a difference not just in the cryptosphere, but in the world as well.
After the lively panel discussion and highly interactive Q&A session, audience and panel members adjourned for tea time canapes and drinks, generously provided by Aditus, to interact and mingle in an even more intimate setting. The first in a series of exclusive seminars and crypto meetup sessions held by Aditus, the audience will no doubt be looking forward to the next one.