The core figures from the wider cryptocurrency field described the increased dialogue and cooperation at the annual meeting of the World Economic Forum in Davos.

Cryptocurrency and blockchain technology still exist, but only a small part of the projects and measures considered and worked at the WEF annual meeting held in the Andes, Switzerland, Germany. However, there are more and more meetings with this sector as the main content, which indicates that the wider world is seeking synergies between traditional finance and decentralized finance.

This topic comes from several interviews conducted by CoinTelegram during the Davos conference in January. The executives of Ripple, XRP publisher, and Circle, a stable coin enterprise of the United States Dollar (USDC), expounded the importance of selecting solutions and systems that can create tangible effects and value.

Circle and Ripple surveyed the broader data encryption and blockchain dialogue in Davos because they participated in many activities with data encryption as the theme outside the WEF conference, such as blockchain Hub Davos and GBBC's blockchain Central.

Not just waves

The Ripple team rented office space in Davos to ensure that meetings and business were conducted during the WEF conference. Coin Telegram met with Brooks Entwistle, CEO of Ripple Asia-Pacific region, at the core of Davos to discuss the company's participation in this year's conference.

Entwistle describes an interesting picture. He is a person who participated in the annual meeting of the World Economic Forum with different characters as early as 2009, which means different enterprises and management. As Entwistle explained, in recent years, the participants in the field of data encryption and blockchain have emerged:

"As time goes by, you can notice that the group has changed, and the profile has also changed. Naturally, in recent years, with the rapid development of encryption algorithms, the situation has also changed. In May 2022, when you walk on the profile, you will definitely receive Bitcoin pizza."

However, the continued depression of the traditional currency lending and cryptocurrency sales market, coupled with the earthquake events such as the FTX crash at the end of the year, has added significant harm to the total number of participants in the data encryption ecosystem for opening stores at the 2023 conference.

People like FTX set up a stall at the conference last year, but they were nowhere to be found. In turn, blockchain infrastructure construction service providers like Filecoin and Hedera and enterprises like Circle have obvious influence. Other enterprises have also maintained their presence outside the conference in their own activities, such as the core of the CV laboratory blockchain and the middle of the GBBC blockchain in the European Hotel in Davos.

Related: TradFi and DeFi go hand in hand - Davos 2023

However, Entwistle is optimistic about the reduction of the number of cryptocurrency stalls on the waterfront avenue, which indicates that it is likely to carry out a more pragmatic dialogue at the WEF meeting:

"There is no doubt that it is more quiet now, but we actually have a very good WEF. With some noise and hype fading, dialogue and deeper level have brought more opportunities."

The person in charge of Ripple Asia-Pacific paid attention to the fact that since the total number of working groups in the event increased from two in 2022 to seven in 2023, I firmly believe that a breakthrough has been made in the dialogue and understanding of cryptocurrencies, and said:

"If you think about these two parallel tracks, the area is on the street and the whole region around Davos to promote the agenda arrangement, and then what happens in the internal structure. Over time, why this kind of infiltration is critical, why regulators and banks must discuss it, and why it should be a broader topic of discussion, not just what happens in the night on this land, or what happens in a working group on the beach "

Whether the WEF internal data encryption and blockchain ecosystem should have more means is a more complex issue to consider. Entwistle believes that the theme style with wide popularity outside the data encryption ecosystem must have a wider range of new projects, protocols and special tools to provide value and insight into thorny global issues. He added:

"We need to show all the different ways, but I also think we should properly use this expansion slot. If you walk in front of this group of people, properly apply the control panel to ensure that everyone understands the effects of the real world."

Entwistle indicated that the "main tone" of the data encryption dialogue in the WEF Enterprise Annual Meeting focused on the reasons for the existence of this field and the content under construction. For Ripple, this is also the cross-border payment platform and liquidity. Other data encryption advocates have been promoting the dialogue closely around CBDC and carbon credit based on blockchain.

Although more accurate discussions were held at the annual meeting of the World Economic Forum, the dialogue and business between TradFi and DeFi were liberalized in the long term of Davos. CoinTelegram hosted several group discussions this week. One of the working groups involved the mainstream bank Bpifrance and Saudi Arabia's financial institutions to discuss the relationship between TradFi and the industry.

The important point is that these traditional financial institutions provide cryptocurrency custody services for individual users, which clearly shows that TradFi has long been exposed in the asset class. Supervision and process management are still obstacles, but various industries have long been carrying out cross-pollination according to their own standards.

It remains to be seen whether the cryptocurrency and blockchain industries will continue to camp on the waterfront in the next few years. Entwistle believes that this is probably an objective fact. Because the distance between various industries is very close and there is a level of organic integration, he pointed out, "I hope Web3, cryptocurrency and blockchain will have a place here for a long time if we do my job well and let the world believe that we really need you."

Formed for a circle

Cory Then, the senior vice president of Circle who undertakes the worldwide system, said that he saw many idealistic attempts to cooperate and stimulate network resources in the form of benefiting the global economy

After hosting a working group meeting at the European Hotel, she delivered a speech to Cointhread, explaining the necessity of exploring the future effectiveness of Circle and other payment platforms based on blockchain in finance and global payment:

"We are communicating with leaders. We are communicating with traditional enterprises other than science and technology. These enterprises are trying to use USDC as a payment solution. We are communicating with Science and Technology Co., Ltd. to understand how we closely integrate with their ongoing work. We are communicating with humanitarian spiritual institutions."

According to Then, Circle has held hundreds of dialogues with leaders from EU countries, the United States, Japan, Malaysia, Spain and other countries. As a stable currency solution, USDC is becoming increasingly easy to obtain.

The important driving force for choosing the decentralized payment platform is focused on how the decentralized payment platform can help many non-bank staff around the world. In other words, stable currency can improve the financial system and include it in most industries that banks or financial enterprises cannot serve:

"You have a mobile phone. You can download and install a personal wallet. Next, you can apply a very reliable payment mechanism, and you can get US dollars or euro coins."

Subsequently, it was clearly pointed out that the constant effect of the agreements, platforms and institutions of the industry and the relatively small "price adjustment of bets" would be helpful for further inclusion.

Promote cooperation in a world full of holes

Brett McDowell, the current chairman of Hedera, also expressed his views. He attended the meetings of the World Economic Forum (WEF) and the waterfront promenade in Davos

The decentralized network of Hedera institutions and open source systems is applied by various companies, universities and Web3 institutions around the world. The "performance tuning" Ethereum Virtual Machine (EVM) blockchain smart contract on the equity certificate blockchain platform allows the establishment of diversified Web3 application software and ecosystem.

McDowell told Coin Telegram that the partition between WEF conference and data encryption and blockchain ecosystem is also understandable, but he described his own experience in continuous cooperation:

"As a person who is honored to have an immediate dialogue with industry leaders and the World Economic Forum this week, this dialogue is smoother than it seems."

McDowell showed that the power of the World Economic Forum to bring together stakeholders from different industries is very valuable, otherwise these industries may be separated from each other, which will make leaders sit on the table together with private enterprises and public companies. He added:

"WEF has unprecedented rallying power. The blockchain and encryption algorithm actually close the relationship layer, guide the truth, and then use the encryption algorithm to ensure that the truth in the account book cannot be changed. This is why this is about trust, gradually from association."

The natural environment and social governance (ESG) architecture is a key of WEF and another unit that can use blockchain technology and many applications of cryptocurrency. As McDowell explained, "This is also the reliance on technology. This is the most perfect support for large-scale ESG application. This is also what we need. We should have network effect."

The current chairman of Hedera said that WEF is actively considering a means and application software based on blockchain to alleviate the problems of climate, digital economy and asset tokenization.

It is likely that the organization is still in the process of understanding the energy of this relatively new technology, but the discussion on the increasingly improved internal structure of the World Economic Forum has become a positive and positive result of the Davos Forum in 2023.