Sheraz Ahmed

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The ultimate impacts of CBDCs on the crypto industry may be a mixed bag of positives and negatives, and insiders need to monitor developments. In June 2023, the Atlantic Council, based in the United States, announced the results of a study on global nations' interest in and progress toward creating their own central bank digital currencies. Eleven countries have already launched CBDCs; 130 others are in the exploratory phase, and about half of those have begun the development process.  Market watchers cite multiple factors behind governments' push toward CBDCs, from the decreasing use of cash by the general population to geopolitical tensions and events. Whatever the underlying reasons, though, crypto industry players need to keep an eye on developments and consider how the rise of CBDCs could impact the industry and global marketplace. Here, 11 members of Cointelegraph Innovation Circle share their predictions for possible outcomes from the ever-expanding development and introduction of CBDCs.

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To successfully scale, crypto and blockchain companies need to know as much about business development as they do about their technology. Founders of crypto and blockchain companies launch with a vision of bringing an innovative and impactful service to the business or consumer marketplace. And as with entrepreneurs in any industry, they have the goal of growing. With expertise in the technology and its potential, leaders of crypto and blockchain firms may be clear on the "nuts and bolts" aspects of scaling — infrastructure upgrades, interoperability, compliance and so on — but less knowledgeable about the business development side of growing a company. Crypto and blockchain companies seeking to expand will need to make multiple decisions — but first, they need to know all the questions that have to be answered. Below, 16 members of Cointelegraph Innovation Circle share some of the factors growing companies will need to examine and offer their tips for confidently moving forward. 

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Absent clear, comprehensive regulatory guidance in the U.S., crypto companies would be wise to shore up their accounting systems.   The U.S. presents many obstacles to crypto companies, with a multiplicity of federal and state regulatory agencies having real or potential jurisdiction over the industry. Its unique political environment has contributed to more governmental skepticism toward crypto than is seen in other countries, and high-profile punitive actions by the Securities and Exchange Commission are making many crypto companies nervous about maintaining a foothold in the U.S. Despite all this, there is also high-profile support for crypto in the U.S., so many crypto companies will be unwilling to abandon or postpone entry to the U.S. market. While there may not be a single set of clear, comprehensive guidelines for crypto companies in the U.S., there are smart strategies that can help them stay on the right side of regulators. Below, eight members of Cointelegraph Innovation Circle share tips to help crypto companies improve their accounting procedures and compliance standing in the U.S.

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Blockchain protocols can’t (and shouldn’t) ignore AI’s potential, but it’s important to implement it with caution and care. Across industries, it seems all anyone is talking about is artificial intelligence. Even companies that aren’t tech-forward are scrambling to discover how AI works and what it could do for them. Given the impact AI is predicted to make, it’s hardly surprising that blockchain protocols — part of an industry that is decidedly tech-forward — are exploring what role(s) AI could play for them. From data analysis to improving scalability to fostering interoperability, AI could prove to be a powerful tool in the arsenal of blockchain protocols. Still, it’s essential to carefully review not only all the potential benefits, but also the possible complications. Below, 12 members of Cointelegraph Innovation Circle discuss some of the things blockchain protocols should consider as they begin exploring AI.

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Smart ESG practices can help crypto mining companies be more responsible members of the global community and attract new investors. Companies across industries are focused on improving their environmental, social and governance practices, and with good reason. In addition to having the desire to do good for its own sake, businesses are very aware that more and more investors are taking a company’s ESG standards and practices into account when making investment decisions. Crypto mining companies would do well to look into how they too can keep ESG practices in mind, and in light of a common criticism levied at the crypto industry — that it has a large carbon footprint — they may want to begin by focusing on energy efficiency and emissions. Below, eight members of Cointelegraph Innovation Circle share tips to help crypto mining companies adopt or enhance ESG practices and share that work with fellow industry members and the public.

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Crypto companies operating in the EU must begin work now to comply with MiCA and assess how it might affect their global operations. In May 2023, the European Union signed its landmark Markets in Crypto-Assets legislation into law. Crypto businesses operating in the EU now have a fixed timeline to comply with MiCA’s wide-ranging guidance and regulations, which address everything from defining a crypto asset to establishing reserve requirements for stablecoins. While MiCA is impacting crypto at a challenging time, many insiders welcome this groundbreaking legislation and expect it to lead to a stronger, more vibrant industry. Below, nine members of Cointelegraph Innovation Circle share their insights to help crypto companies ensure they’re compliant with MiCA once it’s in full effect.

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To better meet the changing needs and demands of users, CeFi companies should take a close look at what makes DeFi companies appealing. While there are inherent strengths to be found in both centralized finance and decentralized finance companies, there are certain areas in which DeFi shines, including user empowerment, transparency and reach. While customers may be drawn to CeFi’s perceived security and strength advantages, in an increasingly digital, global economy, if CeFi companies can’t keep up with the user expectations being set by DeFi technologies and protocols, their advantages may come to count for less among younger users and markets (or even disappear altogether). To avoid a slow slide into irrelevance — and to better serve their current users — DeFi companies should take a look at the aspects of CeFi consumers find most appealing. Below, 13 members of Cointelegraph Innovation Circle share a few of the leading DeFi practices CeFi companies would be wise to emulate.

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While DeFi may be the wave of the future, the industry can still learn smart practices from leading CeFi companies. Pioneers and insiders of the decentralized finance industry strongly believe they are the vanguard of a new and better way to handle financial transactions. Still, it doesn’t mean they have nothing to learn from centralized finance companies. While CeFi has the advantage of more familiarity and a long history, those aren’t the only reasons it can still outperform DeFi when it comes to attracting new users. It’s not a disservice (or disloyalty) to DeFi for its leaders to look closely at what users rely on and value in CeFi services. Below, nine members of Cointelegraph Innovation Circle discuss lessons DeFi companies would be wise to learn from CeFi companies, and how doing so could boost their chances of success.

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Non-experts are much more likely to grasp the value of a scaling solution if it’s related to something they already understand.   Blockchain technology can be difficult for the average layperson to understand, and when “layers” are added to the concept — as with blockchain scaling — it can be even more confusing. Companies working on blockchain scaling solutions are led and staffed by experts who fully understand the underlying technology and why scaling is essential to the long-term success of blockchain, but relaying that knowledge to those outside the industry can take thoughtfulness, patience and creativity. Learning what to emphasize and how best to relay that important information is essential for companies seeking to promote their scaling solutions. Here, eight members of Cointelegraph Innovation Circle share smart strategies for effectively explaining a blockchain scaling solution.

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Before reaching out to a potential banking partner, it’s wise to know both what they can offer and what they’ll expect. Choosing the right banking partner can be a particularly tricky process for a crypto or blockchain company. While there are many options in the market, only a few will possess the experience, commitment and risk tolerance companies in a young and tech-forward industry need. And simply making a choice won’t seal the deal: Crypto and blockchain entrepreneurs must have the detailed information banks will demand at their fingertips and be ready to reciprocate the transparency they themselves expect from a financial partner. There’s a lot of homework to be done before beginning any sort of outreach, so knowing what to look for as you begin the research is a helpful head start. Below, nine members of Cointelegraph Innovation Circle share their advice for crypto and blockchain companies that are beginning the process of choosing a banking partner.

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Proper vetting of potential Web3 partners includes looking both at traditional business fundamentals and industry-specific USPs. When considering Web3 partnerships, the background and perspective of the evaluator may lead to blind spots. Traditional companies and investors may know the business fundamentals and financial metrics to examine but be unclear on industry-specific “must-haves” such as necessary tech capabilities and a committed fan base. Industry insiders, on the other hand, may be impressed by a potential partner’s community presence and the features they promote but overlook the health of the financial and advisory foundations.    To ensure a profitable partnership that brings value to both parties and to end-users, it’s essential to examine both the big picture and the telling details. Below, 17 members of Cointelegraph Innovation Circle share tips for companies and individuals engaged in evaluating a potential Web3 partnership.

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Staking protocols are subject to evolving and varying regulations, so be prepared to monitor and meet new legal requirements.  As even late-night talk show hosts begin to weigh in on events in the crypto industry, it’s clear the public is increasingly paying attention to both the potential and challenges of investing in crypto. Of even more immediate concern to crypto companies, though, are the questions around the type and number of legislative guardrails lawmakers will inevitably impose. As regulators start to eye staking protocols, companies must ensure they engage in the ongoing work of ensuring that their staking is compliant. Below, 11 members of Cointelegraph Innovation Circle discuss effective ways for companies to ensure compliant staking as the industry continues to evolve.

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A bear market may not be the best of times for a crypto startup, but it’s not an insurmountable barrier, either. Launching a startup in any industry is hard. Launching during a bear market is even harder. Launching a startup in a bear market in a relatively new industry like crypto — which many investors don’t fully understand and which has had its share of recent negative headlines — brings a whole additional slate of challenges. But as many industry pioneers have proven, it’s not impossible, as long as founders follow a few smart strategies. Many of the members of Cointelegraph Innovation Circle are startup founders themselves, and all are longtime industry veterans and market watchers. Here, 18 of them share their tested tips for crypto companies starting out during these volatile times.

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While blockchain can be impactful, it’s not a one-size-fits-all solution; it’s important to consider your unique situation and needs. Supply chain reliability and efficiency are always a concern for product-based businesses, but their importance was spotlighted recently as multiple industries struggled both with obtaining needed materials and keeping their products continually available on store shelves. Companies looking for streamlined, easy-to-manage and safe solutions may be considering blockchain as an option. While blockchain technology can be an impactful tool for many applications — including, in some cases, logistics and distribution — it’s not necessarily the best tool for certain industries. Below, 11 members of Cointelegraph Innovation Circle share their tips for companies exploring leveraging blockchain to manage their logistics and/or distribution processes.

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Balancing cost-cutting efforts with smart efficiency strategies can help crypto companies weather current macroeconomic conditions. Crypto winter has been challenging enough for the industry; it doesn’t help that the broader macroeconomic environment is uncertain as well. With ongoing talk of a potential recession, tightening access to investor capital and rising interest rates, some crypto and blockchain companies are joining their peers in other industries in exploring cost-cutting measures. While trimming the budget may be a necessary effort, it’s important to do so judiciously. Further, leveraging smart strategies can help companies avoid deep cuts and boost productivity and efficiency. Here, 15 members of Cointelegraph Innovation Circle share tips to help companies in the crypto and blockchain space wisely adjust to survive the current macroeconomic environment.

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There are multiple strategies to help crypto ecosystems create a welcoming environment for developers.  The ecosystem concept is unique to (and uniquely suited to) the crypto industry. These synergistic communities offer a network where participants can benefit from each other’s work and progress while building an ever-stronger foundation. A recent study found there were more than 18,000 active Web3 developers and pinpointed the ecosystems having the most success attracting new developers. So what do ecosystem projects need to do to achieve similar success to these top performers? According to the industry experts of Cointelegraph Innovation Circle, it’s essential to be cognizant of what developers are really looking for in an ecosystem. Below, 12 of them share strategies ecosystem projects can leverage to attract more developers.

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NFTs are a new asset powered by a new technology, so regulators will need to craft all-new solutions.  Many outside the crypto industry first heard of nonfungible tokens only within the last year or so, with most mainstream coverage focused on the digital artwork market. Those not in the know may well have thought NFTs would amount to nothing more than digital collectibles. However, industry pioneers grasped the full potential of NFTs, and new applications are surfacing that could impact multiple industries.  As the value of NFTs as assets is realized, regulation is sure to follow — but it won’t be as simple as applying the rules established for more traditional assets. Below, 10 members of Cointelegraph Innovation Circle discuss some important facts regulators should understand as they start to scrutinize NFT markets.

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Even the harshest critics cannot deny the exponential growth opportunity for Metaverse tokens.

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Bad social media habits can do damage not only to your project and company’s reputation, but also to the burgeoning crypto industry as a whole.  Businesses across industries invest a lot of time and resources into building and cultivating their social media presences because of the big potential ROI. Social media marketing is a tool crypto and blockchain companies are quick to leverage — social media platforms offer a variety of audiences, prebuilt communities and global reach.  Still, it’s all too easy to make missteps in social media outreach, and an ill-considered post can go viral (in a very bad way) in an instant and cause lasting damage to a brand. Below, 10 members of Cointelegraph Innovation Circle discuss some social media practices that crypto and blockchain companies should avoid and why they’re so problematic.

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Attracting Web3 businesses will take a blend of traditional strategies and a commitment to helping the industry develop a firm foundation.  Local communities are always in the business of attracting businesses. A diverse foundation of companies in a region brings many things with it, including new residents, higher tax receipts, and more and better educational, recreational and health amenities. Forward-looking communities may well be looking for ways to become magnets for the next generation of tech businesses, including blockchain and crypto firms. As pioneers in the space, the members of Cointelegraph Innovation Circle know exactly what the industry’s entrepreneurs are looking for. Below, they share 10 tips to help community leaders persuade Web3 businesses to open their doors in their locale.

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Leveraging the right blend of marketing strategies can not only raise a Web3 brand’s profile but also earn users’ trust. Web3 has its share of high-profile influencers who have opened the door to consumer and business interest in the industry. While this creates a tide that can help raise the profile of all companies in the space, eventually a Web3 brand will need to find a way to stand out and stand on its own two feet. Traditional marketing methods like thought leadership, social media outreach and working for earned media coverage can all be leveraged by Web3 companies, but it’s also wise to lean into the space’s unique strengths, including its technology and commitment to community. Below, 14 members of Cointelegraph Innovation Circle discuss marketing strategies Web3 brands can use to both increase exposure and build trust among current and prospective users.

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To successfully “rebrand” NFTs in the mainstream public consciousness, companies need to double down on utility instead of hype.   There’s widespread public confusion around much of what the crypto industry does and is hoping to achieve, but it’s likely there’s no facet of the space that has attracted as much negative attention as nonfungible tokens. From environmental concerns about the tokens’ carbon footprint to the “you don’t really own anything” disdain of so-called “right clickers,” the NFT truly seems to be a love-it-or-hate-it product.  Convincing the doubters that NFTs are more than just status symbols or high-risk, high-adrenaline investments will take a blend of education and a commitment to tap into the technology’s demonstrable utility. Below, seven members of Cointelegraph Innovation Circle share strategies to combat the mainstream stigma surrounding the NFT space.

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The crypto and blockchain industry grew up with Twitter, and the platform remains a vital networking tool.  Social media and the crypto and blockchain industries seem to be a perfect fit. What better way for companies in the industry to communicate in real time and build communities than through the platforms designed for doing just that? While many marketing firms and industries are highlighting “fresh” sites like TikTok, much of the crypto audience remains devoted to Twitter, and the platform offers its own slate of tools and trends that fit industry needs. Still, using Twitter to build, grow and interact with your community takes more than posting or sharing an occasional tweet. Below, 13 members of Cointelegraph Innovation Circle share their tips for leveraging Twitter to build crypto and blockchain communities.

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The crypto and blockchain industries may need to shed some insular tendencies to successfully attract prospective users. While crypto and blockchain have their share of enthusiastic pioneers, these industries can’t survive and thrive without attracting new users. Many cite the space’s tech-forward complexity as a barrier, but does it have to be? And are industry leaders adding to the problem by not working to reach prospective users where they are? The close-knit nature of the blockchain and crypto industries can be both a strength and an impediment, and it may be time for insiders to step outside echo chambers to better understand what prospective new users want to know and how to give them that information. Below, 16 members of Cointelegraph Innovation Circle discuss ways the blockchain and crypto industries can improve outreach to potential new users.

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For effective, consistent results, enhancing the security of bridge protocols must begin with smart practices by developers. In March 2022, the developers of the Ronin bridge announced a hack in which $612 million was taken in just two fraudulent transactions. It was a blow that struck at the very foundations of crypto’s potential: If transactions between blockchains can’t be effectively secured, the industry will remain fragmented. The development of new blockchain bridges has taken off in recent years, and it’s essential for devs to take heed of the lessons from the Ronin hack. Below, 10 members of Cointelegraph Innovation Circle discuss strategies devs can leverage to increase the security of bridge protocols—it’s a challenge that may take more than careful coding.

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Changing negative perceptions of the crypto industry entails a combination of education and consistent, smart SOPs. While it has staunch defenders and high-profile enthusiasts, there’s no question the crypto industry has been the subject of intense scrutiny. Many leading voices, from media figures and financial pundits to elected officials, fairly regularly publish opinions on crypto ranging from skeptical to downright hostile. And a recent spate of less-than-positive events in the crypto space isn’t helping to enhance the industry’s broader reputation. While industry leaders can’t change the past or control the actions of unscrupulous actors, they can do more to strengthen crypto’s foundation and spread the word about the space’s positive potential. Below, 16 members of Cointelegraph Innovation Circle share practical ways industry leaders can help improve crypto’s reputation among the general public.

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While rising interest rates can entail increased risk for the crypto industry, they may also bring new opportunities. As a new and distinctive industry, it can be easy to forget that crypto is subject to impact from overall economic conditions and market forces, just like any other sector. Crypto business leaders must pay attention to rising interest rates and pivot as necessary to both manage new risks and take advantage of possible new rewards.  From the potential downsides — like difficulties in accessing funding — to the possible silver linings — like new interest in crypto from investors looking to outpace inflation — rising interest rates will certainly bring changes to the industry. Below, 15 members of Cointelegraph Innovation Circle discuss important issues crypto leaders should focus on as interest rates rise, and why.

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Blockchain will likely change the world as we know it and most in the industry can agree on this.

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Crypto is a new frontier, and before taking steps, regulators need to learn its nuances, not just rely on historic precedents. What may be coming in terms of industry regulation is a common concern and area of speculation among crypto insiders. As regulators steadily prepare for crypto’s growth, they may be struggling with confusion around its new and varied assets, or they may be wondering if there are aspects of the underlying technology that must also be addressed. As the people who best understand the industry, its technology and its unique assets, crypto leaders need to ensure their input is heard by global regulatory agencies. Here, 13 members of Cointelegraph Innovation Circle share important things regulators should keep in mind when reviewing crypto as an asset class.

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The ETH Merge is set to usher in multiple positive changes for crypto, and insiders need to be prepared. In September 2022, the much-anticipated (and repeatedly delayed) Ethereum Merge was realized. The shift from a proof-of-work to a proof-of-stake mechanism is slated to come with multiple benefits, from significantly reduced energy consumption to far higher total transactions per second to lower transaction fees (aka “gas” prices). The Merge may well address the most prominent concerns that have been keeping companies and users out of crypto. For companies and users already established in the industry, knowing what’s to come can place them ahead of the game and ready them for the accompanying rise in business. Below, 10 members of Cointelegraph Innovation Circle discuss the ways they believe the ETH Merge will change the crypto industry for good.

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The inroads crypto has already made as not only an acceptable, but a desirable, form of payment are likely to continue to expand. In July 2022, digital asset firm Bakkt published the results of a survey on gig workers and crypto. The firm found that 38% of the freelancers who responded were open to receiving full payment for services in crypto, and 50% were willing to receive partial payment in crypto. Further, 20% of respondents have already received crypto payments for services.  Today’s gig workers are highly likely to be tech-savvy, so it’s not surprising that many are already familiar and comfortable with crypto. As more full- and part-time workers learn about crypto’s ease of use and profitability potential, the push for receiving some or all salary payments in crypto may begin to quickly grow. In a competitive marketplace, companies should at least be willing to research the idea of paying workers in crypto. Below, 11 members of Cointelegraph Innovation Circle share important things companies should know about paying their workers with crypto.

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As part of an untraditional industry, crypto companies may need untraditional strategies to build loyal, talented teams. Across industries, companies are struggling to find and retain talent. In highly specialized tech companies, that struggle is even more difficult and requires real tenacity. And in highly specialized tech companies in the emerging crypto space, leaders need tenacity, creativity and, possibly, a willingness to reinvent the wheel. While the “newness” of the crypto space and the technology that fuels it may currently prove an obstacle for crypto companies on the hunt for talent, its potential and vision, and its pioneers’ willingness to challenge traditional boundaries, can be a game-changing asset in attracting those looking to make a difference in a changing world. Here, 16 members of Cointelegraph Innovation Circle share tips to help leaders of crypto and Web3 companies find the bright — and the right —  talent they’re looking for.

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Despite crypto’s growth in a relatively short time, recent events exhibit traits of a nascent industry in need of further development. 

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All the indicators show that these are strenuous times for crypto, and naturally, we are seeing increased uncertainty and skepticism.

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Blockchain technology is about much more than cryptocurrency; its current and potential uses could permanently transform multiple industries. In the wider public community, blockchain technology may be best known as the engine powering cryptocurrencies. But while there may be growing understanding about what the technology does do, many outside the crypto industry may not grasp what it could do. Blockchain technology doesn’t need to be locked into cryptocurrency. Instant, open and secure digital transactions could be leveraged by governments, businesses and consumers to simplify and secure a variety of processes and functions. Here, 10 members of Cointelegraph Innovation Circle discuss ways blockchain technology is (and could be) revolutionizing a variety of transactions and interactions.

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Building momentum in a crypto marketing role can only come through a deep understanding of the space. Becoming a successful marketing pro with a focus on a new industry is challenging. When that industry is built on new technology and revolutionary ideas about how that technology can transform the ways we do business, the challenge rises to a whole new level. The crypto industry faces something of a PR headwind, as many traditional media sources and consumers don’t understand the underlying technology or its full potential. Finding success as a crypto marketer means equipping yourself with the experience and knowledge to educate and inspire the next generation of crypto enthusiasts. Below, 10 members of Cointelegraph Innovation Circle share their tips to help aspiring crypto marketers “level up.”

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To garner more adoption, the DeFi industry must proactively address both actual and perceived barriers to entry.  Decentralized finance has the potential to bring revolutionary ease and security to financial transactions through the use of blockchain technology. And with its ability to introduce a unified, standardized system across the globe, DeFi can open up new financial opportunities to those who may not have had them before. As with much of the crypto industry, however, DeFi struggles with both prevailing ignorance of its structure and capabilities, as well as widespread skepticism about its trustworthiness and scope. Below, 15 members of Cointelegraph Innovation Circle share ways DeFi pioneers can help build the industry’s credibility and reach.

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Bitcoin addresses several critical issues faced under current financial systems.

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To fully realize the potential of blockchain technology, it’s important to understand possible limitations — and how to address them. Blockchain technology’s potential is one of the most exciting facets of the crypto industry for both insiders and the crypto-curious. A shared, immutable, verifiable method to store and track data has clear possibilities outside cryptocurrency for industries ranging from stock trading to healthcare. As with any technology, though, there are potential stumbling blocks. Blockchain scalability is an important concept for consideration for both existing and new blockchains, which must be able to manage and process ever-increasing amounts of data.  While experts in crypto agree that it’s important to grasp the fundamentals of blockchain scalability, many assert that it’s not an insurmountable obstacle to crypto’s growth. Below, members of Cointelegraph Innovation Circle share details about blockchain scalability that they think are important for less-experienced players to understand, and why.

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Crypto’s tools and methods can improve many business functions, from tightening transactions to building a loyal community. It’s easy for outsiders looking at the crypto industry to get all tied up in the tech lingo, but crypto pioneers will tell you there’s much more to the industry than its cutting-edge tech tools. For industry leaders, crypto’s central goal of building communities is as (or more) important as the innovations tech tools like blockchain bring. Crypto leaders are not only enthusiastic about the ways industry technology can smooth and tighten business transactions, but they’re also proud of the intrinsic ways that not only they, but also their followers, can be rewarded. Below, 13 members of Cointelegraph Innovation Circle share some of the significant strategic advantages business leaders can realize through crypto.