Wolfgang Rückerl

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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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While crypto was invented to provide an alternative to the traditional banking system, converting to and from fiat currency is still necessary in many cases.

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A combination of trends already underway and deliberate industry action could lead to crypto’s watershed moment in terms of public adoption. For many, the crypto industry feels as though it's hovering on the brink. It attracts high-profile attention and headlines; yet widespread public interest and adoption haven't yet followed.  There may be a variety of factors giving the public pause, ranging from stories of misconduct by bad actors to simply a lack of understanding of the industry's technology, philosophy and potential. But is it possible some significant trend or development could tip the scales in crypto's favor? Below, 13 members of Cointelegraph Innovation Circle speculate about some of the factors and events they believe could lead to a groundswell of interest in the crypto industry among the general public.

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Cross-chain operability may only be achieved when there’s not only a way, but a will to move forward. Even crypto industry outsiders are gaining clarity on the benefits of blockchain technology, which is a significant step forward for the ecosystem. However, a challenge remains: The industry still struggles with interoperability between blockchain networks.  Unless different chains can safely and efficiently communicate and exchange data, the full power of blockchain — including true decentralization, new use cases, lower costs and, ultimately, further innovation — can’t be achieved. Here, 10 members of Cointelegraph Innovation Circle discuss some of the challenges still standing in the way of achieving cross-chain interoperability and how they can be overcome.

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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 companies aren’t just selling themselves; they’re also selling the industry’s technology and principles as a whole.  Word about blockchain technology’s benefits has penetrated the global marketplace, so now’s the time for blockchain businesses to begin deliberately refining and sharing their marketing messages. Like other service businesses, blockchain companies have to find effective ways to explain why their service in particular is the right choice for a potential client’s unique needs. However, unlike service companies in other industries, in many cases, blockchain leaders will be marketing a service that B2B clients may be intrigued by but don’t understand well. Marketing a business always takes a lot of hustle, and blockchain technologies will likely need to blend traditional marketing methods focused on their own unique benefits with new strategies to make B2B clients outside the industry excited about what blockchain can do. Below, 16 members of Cointelegraph Innovation Circle share tips to help blockchain companies improve their marketing strategies to attract and land potential clients.

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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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By conquering these hurdles, we can help kickstart mass adoption while still maintaining the original decentralized spirit of Web3.

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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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If they start in the right place and leverage the many available resources, devs new to blockchain can become thriving community members. Tech developers looking for a new challenge may well be turning their attention to blockchain. The space is still fresh enough that a newcomer can get in on the ground floor of exciting new developments and take their place among industry pioneers. However, devs who are used to being “tech gurus” may hesitate at the threshold, uncertain where to begin their professional journey with blockchain. And there’s no doubt there’s important homework to be done before leaping in. Below, 10 members of Cointelegraph Innovation Circle share some tips for curious developers who are new to blockchain coding and programming but want to join the growing professional community.

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The DeFi revolution is transforming our financial landscape and empowering everyday people to take back control over their assets.

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The United States doesn’t have to start from scratch when it comes to developing effective laws and guidelines for crypto. While the U.S. has long been known as a center of innovation and new technology, the nation’s regulatory bodies don’t seem to know quite what to make of the crypto industry. The U.S. is lagging behind countries in Europe and Asia in establishing crypto regulations, and it’s not because the industry is broadly resistant. Indeed, crypto insiders would welcome — are asking for — clear and consistent guidelines. Still, one of the benefits of being late to the party is being able to learn from what’s working in the regions that have forged ahead. Below, 11 members of Cointelegraph Innovation Circle discuss a few of the most important things U.S. regulators can learn from actions taken in other countries as they begin to establish laws and guidelines for crypto.

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Crypto exchanges must take the initiative in addressing regulators’ and investors’ concerns about liquidity. Globally, the young crypto industry struggles with image issues. The latest blow came in May 2023, when the U.K.’s Treasury Committee recommended that crypto trading and investment be regulated as gambling rather than as a financial service.  Setting aside the fairness or accuracy of the opinions of regulatory agencies and crypto-skeptical investors, it’s clear that the industry must take every possible step to earn the trust of outsiders. This includes the need for crypto exchanges to address liquidity concerns — not only to enhance exchanges’ trustworthiness and credibility, but also to provide a stable and seamless trading experience for users. Below, eight members of Cointelegraph Innovation Circle suggest strategies to help crypto exchanges calm investors’ concerns about liquidity.

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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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Due diligence when vetting crypto and blockchain companies comprises considering both traditional business factors and unique imperatives. Venture capitalists may be wary of the crypto and blockchain industry at the moment, and it’s not without reason. However, the highly publicized bad actions of a few shouldn’t keep VCs from spotting the real potential that well-run businesses in the sector can offer. As with investments in any industry, conducting thorough research and asking smart questions can help VCs ensure they’re backing reputable companies poised to make a positive (and profitable) impact in the market. Here, 12 members of Cointelegraph Innovation Circle share tips for a VC who’s considering investing in a crypto and blockchain company.

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With billions of gamers active around the globe, the total addressable market for blockchain gaming projects is massive.

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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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Remember that blockchain investors aren’t as interested in the journey as they are in the destination. When it comes to the blockchain space, entrepreneurs and potential investors can both end up stumbling over the underlying technology. While industry insiders are clear on, and often passionate about, how blockchain works, investors are more interested in what it can achieve.  If either side gets bogged down in technical details, it’s unlikely an investor will be able to grasp the impact and potential ROI of investing in a blockchain project. Here, 17 members of Cointelegraph Innovation Circle share ways blockchain companies can better explain blockchain projects to, and earn the confidence of, potential investors.

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Making the most of liquidity pools requires rigorous research and careful planning. With a well-executed strategy, it’s possible to generate generous returns.

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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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Both launchpads and launch pools are important tools for growing the Web3 ecosystem.

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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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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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To persuade TradFi firms and Web2 users to think outside the box, Web3 pioneers first have to do so themselves. When it comes to traditional finance, crypto and blockchain leaders are faced with something of a disconnect. TradFi firms are in one sense competition, but unless TradFi comes to embrace Web3, Web3 can’t reach its full potential. Complicating efforts to reach out to TradFi are mutual feelings of uncertainty: Crypto and blockchain pioneers fear that TradFi’s influence may weaken the consumer- and transparency-first commitment industry enthusiasts value, while TradFi firms are wary of a new industry whose technology and guidelines they don’t understand. With its long history, traditional finance is familiar to consumers and has earned widespread trust. By partnering with TradFi firms, Web3 organizations could accrue some of that positive feeling. Further, by viewing TradFi as a potential customer base, Web3 firms could begin to grow organically. From “ceasing hostilities” to spreading a wider net, there are many things crypto and blockchain leaders can do to bridge the gap between Web3 and TradFi. Below, 16 members of Cointelegraph Innovation Circle share their ideas.

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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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In a time when VC funding is hard to come by, crypto companies seeking to attract investors must focus on value, not hype. It’s no secret venture capitalists react to prevailing market conditions when making decisions, and amid global economic uncertainty, entrepreneurs from across industries are finding that VC funds are more difficult to come by these days. This is especially true for crypto and blockchain companies, which have to overcome not only a knowledge barrier but also the lingering fear aroused by recent bad behavior from certain high-profile crypto founders and firms.  Crypto pioneers who became accustomed to a free-flowing tap of VC cash during the industry’s early heyday may need to adjust their mindset and approach to be successful when seeking funds in the current market. Here, 12 members of Cointelegraph Innovation Circle share tips to help crypto and blockchain companies move forward as VC funds become less generous with their investments.

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Although the learning curve for using decentralized finance (DeFi) is steeper than with centralized exchanges, DeFi and its use of immutable smart contracts open up prospects for a more inclusive world.

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The crypto industry isn’t unique in facing a developer shortage, but it can develop some unique solutions to the problem. Ask any leader in any industry for a list of the significant issues they’re facing right now, and odds are they’ll mention the difficulty of finding and retaining top-quality talent. It’s been a long-term, ongoing issue when it comes to professionals with a technology focus, and as businesses across industries undergo digital transformation, it’s not just a problem for tech-focused companies anymore. As a relatively new, tech-forward industry, the crypto and blockchain space is definitely feeling the pinch when it comes to landing and keeping talented developers. However, it’s not a problem without a solution. By exercising creativity and leaning into the space’s unique strengths and appeal, crypto and blockchain companies can catch the interest and loyalty of top-quality devs. Here, seven members of Cointelegraph Innovation Circle share some ideas to help leaders in the space address the developer shortage the industry’s currently facing.

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What's one thing the stablecoin space can do to improve stability in times of volatility?

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The crypto industry would be wise to learn from and adopt the proven principles and processes TradFi relies on to protect consumers. Crypto pioneers and decentralized finance companies often talk about their commitment to opening up financial opportunities to underserved populations, but that’s only half the battle in achieving success for this fledgling industry. Global consumers must be confident that the funds they invest with crypto companies are safe, secure and accessible for withdrawal when desired. While traditional finance companies may not offer all the new and unique opportunities and potential of DeFi, what they do enjoy is a long history and established methods for protecting consumers’ investments — and maintaining their trust. Below, 10 members of Cointelegraph Innovation Circle discuss some helpful things the crypto industry can learn from the TradFi industry, including practices DeFi companies should consider adopting and adapting for their own customer base.

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Full transparency around transactions, projects and technologies is the only way crypto can grow as an industry.   In the midst of a bear market, the last story the crypto industry wanted to see hit the headlines was the debacle at FTX. It’s a story centered on the biggest negative perception many in the public still have of the crypto industry: that transactions regularly happen out of public view for the benefit of a handful of bad actors and at the expense of customers. Whether it’s fair or not, this negative reputation of crypto is something honest crypto leaders and companies will have to overcome, and the best way to do that is by ensuring current customers know what’s going on with the assets they’ve invested and that potential investors clearly understand the potential the industry offers. Below, 15 members of Cointelegraph Innovation Circle discuss ways crypto companies can provide improved transparency for their customers.