The day-to-day job of the IRO will no doubt change with the advent of tokenization, along with the make-up of investor bases, but the net effect may be a wash. A recent study by the Frankfurt School of Finance & Management predicts annual security token offering (STO) growth in Europe of 81 percent, surpassing the market volume of cryptocurrencies by 2026. Dawn Fitzpatrick, CEO of Soros Fund Management, recently told a Bloomberg audience that her $6 bn fund owns some Bitcoin, but this is far less interesting than the use-cases she sees for distributed finance (DeFI).ĭeFi refers to the shadow financial system being built on smart contracts on blockchain, replicating a wide range of existing financial products, with significantly less process friction and cost. If you think this is all about Bitcoin, you would be wrong. We are currently witnessing the next-level digitization of Wall Street as securities are ‘tokenized’ into virtual representations of value.
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