Despite the regulatory action in the United States and an ongoing crypto winter, many former traditional finance (TradFi) executives who have made the move to crypto see no reason to return to their old banking lives. On the contrary, these individuals remain bullish about the industry’s future and embrace the ability to realize genuine innovation in the financial landscape.
One such executive is Lisa Wade, CEO of DigitalX, who transitioned to crypto in December 2021. Formerly the head of innovation and sustainability at National Australia Bank (NAB), one of Australia’s Big Four banks, Wade believes the crypto industry offers greater freedom to take innovative risks than traditional banking systems. She states that the future seems to lie in Web3 financial rails and that “it is hard to innovate internally, so those of us with a fire in our bellies are jumping ship.”
Wade holds the optimistic view that widespread crypto adoption is on the horizon. She compares the situation to that of Environmental, Social, and Governance (ESG) criteria, believing that “like ESG, this will be mainstream in 10 years or sooner.” She also acknowledges that her move to crypto was motivated by the desire to “build something great […] in a way that a bank couldn’t.”
Similarly, Guy Dickinson, CEO of carbon trading platform BetaCarbon, made the leap from a lucrative executive banking role in 2022, when he left HSBC Australia. Dickinson sees the shift to the Web3 space as a means of making the carbon credit and environmental markets more accessible. For him, the move was not solely about financial incentives but rather personal fulfillment. He points out that jobs in traditional finance are becoming less secure as the banking industry’s slow decline contributes to continuous layoffs and technological inefficiencies.
As more TradFi executives turn to the world of crypto, it’s clear that the industry holds significant promise for innovation and advancement. However, as with any emerging technology, risks and uncertainties may arise along the way. Despite this, the potential for positive change remains strong, and the future of crypto seems bright for those who embrace its potential.
Source: Cointelegraph
