The Future of Cryptoasset Markets: Unifying the Internet of Value
NEW YORK, June 24, 2018 /PRNewswire/ -- The more attention on cryptoasset investment, the more it becomes clear the current cryptoasset ecosystem is still very fragmented, inefficient, and risky. Cryptoassets are highly volatile, with major assets like Bitcoin regularly experiencing 10% swings in price, and smaller tokens experiencing over 100% swings at times. Even though the asset class has seen significant growth, growing from around $100 billion to $400 billion in 12 months, this is still a tiny fraction of the overall $84.9 trillion market size for the global asset management industry. The fragmentation and lack of effective risk management tools cause the asset to be too risky for institutional money to enter at large scale.
June 20th, a group of traders, IB bankers, and investors came to 100 Wall St for a discussion with a group of crypto startup entrepreneurs on the future of the cryptoasset markets. The event was moderated by Calculus Network, a decentralized consensus layer for the internet of value. 'It's an interesting topic' said a previous MD at JP Morgan, 'I think it brought to our attention that the cryptoasset market actually is a huge market. The problem is how to standardize the market and attract the institutional investors.' Henry Pang, creator of Calculus Network, noted that before most of us. According to him during a private finance industry salon in New York, liquidity in cryptoasset markets is spread out over 10,000 cryptocurrency exchanges, with as much as 40% difference in price between each exchange. "However", Henry suggested, "by unifying the internet of value and building mature infrastructure, Calculus is building towards the future of cryptoasset markets."
Calculus Network is designed to unify the Internet of Value. It will, first, integrate liquidity across exchanges to establish a maximally liquid, fair and transparent market, with global consensus on the values of digital assets; second, provide a rich suite of financial derivatives that enable individuals and organizations to form hedging strategies and protect their positions; third, provide the financial infrastructure for institutional investment to enter the global crypto markets.
Nelson Saiers, former Wall St superstar trader joined the discussion with Henry: 'There are many great ideas in cryptoasset market. But there are also some problems like liquidity and transparency of pricing. If Calculus can achieve its goal, it will be significant to the Calculus community, and it will also be significant to the whole Blockchain.' He also joins the Calculus Network project as an advisor.
It's not the first time Henry's team, more than 50% of whom have PhD degrees, have hosted a private fintech industry salon on Wall St. They have been in the industry for a while. Calculus Network was formed by a leading team specializing in technology, financial engineering, and research. Besides Henry, its core members include Chao Li, previously a VP at Goldman Sachs NYSE Designated Market Maker group , Deutsche Bank, and Morgan Stanley, and Owen Wang, previously a VP at JP Morgan. Both provide strong academic guidance and professional experience to the team. With innovative technology and academic support, the team has several successful blockchain projects under way, such as quant trading firm Eigen Capital.
The exceptional demand of attendance from both fintech and traditional financial industry veterans spurred the organization of a following happy hour event with the topic "Future of Cryptoassets" in Manhattan the day after the salon. Almost 100 people participated in the networking event.
When internet was in its infancy, Google unlocked the value of the internet for the first time by organizing the world's information. Today, many groups are looking to unlock value by bringing consensus to the crypto markets. Only time will tell if Calculus Network will play this role.
SOURCE Calculus Network
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