ConsenSys fintech executive dissects Facebook's Libra project, the growth of the stablecoin market, and how fintech and crypto can coexist

Layer 1s • May 12, 2020, 7:32PM EDT
UPDATED: May 12, 2020, 9:41PM EDT
The Block

Episode 18 of Season 2 of The Scoop was recorded remotely with Frank Chaparro and Ryan Todd along with Lex Sokolin, global fintech co-head at Consensys. 

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It’s been an interesting time for the stablecoin market.
 
Total stablecoin supply recently surpassed $10 billion, according to data compiled by The Block Research. Meanwhile, the discussion of Facebook’s Libra has taken on interesting new dimensions of late. Lex Sokolin, a former research analyst and the current global co-head of fintech at Consensys, has been paying close attention to these developments.
 
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In this episode of The Scoop, which was recorded prior to the Libra Association announcement of its new CEO, we dive into its shift to a multi-currency model. We also dig into:
  • Whether Libra’s massive network and cash pile will suck the life out of other open-source initiatives
  • Why a regulated approach to digital assets might have an easier time surviving and thriving
  • Is the stablecoin market overhyped right now?
  • How developments in the fintech ecosystem may have an impact on business models in the cryptocurrency market

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].