It has been just revealed the fact that there are three specific factors that could trigger a massive boom in the crypto user base. Check out the latest reports about the matter below.
New crypto users could reach the digital space
In a recent interview with crypto influencer Scott Melker, Mo Shaikh, the CEO and co-founder of Aptos (APT), shared his insights on the potential developments in the digital assets space that could drive the next wave of mass adoption.
According to Shaikh, there are three main factors that could lead to a billion new users entering the crypto space.
The first on his list is a universal identity application that would provide users with easy access to their crypto assets.
“A killer app might actually be credentialing. Identity. No one likes to talk about it. But if I had the same identity that I can take with me everywhere, that would be amazing. And if it would give me access to my assets in some custodial manner, self-custodial, full-custodial, I’d be happy with that. That is something that we’re all pretty excited about. We’re seeing that in the work that we’re doing with someone like MasterCard.”
According to the co-founder of Aptos, stablecoins have immense potential for growth due to the high demand for dollars and faster payment methods.
He also points out that stablecoins have gained popularity globally, with the primary driver being the demand for the US dollar.
Surprisingly, even though Bitcoin and other protocols were expected to lead, stablecoin issuers have leveraged the demand for the US dollar to become successful and attract big players like PayPal.
This development has been a beacon of hope for the Web3 community, as one of the largest money movement networks has embraced stablecoins and brought money movement to the world.
Lastly, the co-founder suggests that DeFi innovation has the potential to increase access to cryptocurrency and attract users with new wealth-generation methods.
“The third one is open finance. DeFi has done a great job of showing us what it could be for someone like Mo and Scott who’s in Singapore get access to yields that would never be available, because we had credentials, we had access to dollars or stablecoins, and now we can put them in these interesting pools.”
He continued and said:
“We think that’s going to evolve in the next permutation of DeFi. Someone like Sushi might be a driver for that. Other EVM (Ethereum Virtual Machine) based DeFi protocols might be able to benefit immensely by opening up the world through new reach and infrastructure like Aptos.
I think access to global economies through open DeFi protocols could really be empowering to the next generation of wealth creation in the world.”
