Know the powers that be with us, Bitfinex’s Arduino speaks to the BTC community
The Bitcoin industry must support the powers that be, Bitfinex Chief Technical Officer Paolo Ardoino argued in a live stream discussion with Blockstream CEO Adam Temeles on February 27.
The speakers agreed that securities tokenization could have a significant impact on the financial world. One effect may be to raise user expectations. Banks often use messaging and settlement technology that is 40 years old. It presents challenges for speed and usability, Arduino said. Meanwhile, the token “brings all the benefits of Bitcoin to everyone.
Tokenization will reduce costs, allowing small businesses to enter the market, Back said. Bitcoin (BTC) exchange-traded funds (ETFs) improve tax reporting and inheritance planning. It could give new audiences access to BTC and lead to innovations like BTC mortgages, which would allow more people with non-traditional jobs to buy a home.
Emails from Satoshi have never been seen before they were released!
Satoshi and Adam discussed Bitcoin 4 months before its launch.
Adam Back filed these for court records in the CSW case.
(h/t @pete_rizzo_) pic.twitter.com/JZSp70duNi
— Dan Held (@danheld) February 22, 2024
The crypto industry can feel the impact and investors will shift their focus from Arduino's words “lots of useless tokens” to more secure and predictable financial products like BTC ETFs.
The Blockstream Mining Notes, which provide exposure to BTC mining, mature this summer, he said. The Notes are guaranteed under Luxembourg law.
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Bitfinex Securities is licensed in Kazakhstan's Astana International Financial Center (AIFC) economic zone and in El Salvador. Jesse Knutson, Chief Operating Officer of Bitfinex, who moderated the discussion, said, “Sometimes when I talk to investors or issuers; […] Those two judgments raise eyebrows. It's not the first judgment people think of when they think of global capital markets.
“Unfortunately, when I look at London and maybe Frankfurt or other states around the world, they're on the way down. […] In the year Something happened in 2008 and they did it,” Arduino replied, adding:
“We, as the Bitcoin industry, need to identify more active and trusted authorities in the Bitcoin industry and have greater opportunities to lead the way when it comes to digital assets and tokenized securities.”
Bitfinex Securities launched in AIFC in 2021. It opened in El Salvador at the end of January. In October, it issued a Tether (USDT)-based bond on Blockstream's Liquid Network, which initially met with limited enthusiasm. Liquid Network is a BTC layer 2 protocol.
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