2022 proved tricky for the blockchain and digital assets industry as one destructive event after another rocked the markets. By December 2022, the cryptocurrency market cap was down 85%, and a new ‘crypto winter’ had set in. And just as the dust began to settle, we saw the collapse of Silvergate, Silicon Valley Banks and Credit Suisse, further weakening the market and signifying tougher economic times ahead.
Despite these challenges, the view is not entirely bleak. New digital technology will continue to be developed, creating new possibilities for financial services. In our latest Financial Markets Insights paper, Restoring Trust in Digital Assets, we spoke to 14 such industry leaders at layer-1 blockchains, banks, custody providers, crypto exchanges, technology providers and industry associations on how to restore trust with institutions, investors and consumers.