Blockchain.com CEO: The crypto industry has room for any innovation

Bitcoin remains an important component of the cryptocurrency industry, but there is room for any other innovation, each of which is part of the long transition of the financial system to the internet. In a ForkLog interview, Peter Smith, CEO of the cryptocurrency exchange and wallet provider Blockchain.com, said.

Answering a question about the development of the DeFi sector and Bitcoin’s movement in that direction, the head of the company drew a parallel with the traditional financial system. He stressed that people “use several institutions” to open accounts or credit cards.

“Bitcoin, arguably, is a decentralized financial instrument, and this year it has preserved much of its value relative to DeFi tokens. We are glad to see developers continue to work in the key Layer-1 blockchain ecosystems,” Smith said.

Smith added that his company does not dwell on public announcements of new products or investments. However he particularly noted a $525 million line of credit, opened in November 2021 by the mining company GRIID.

“Our incentive as a specialised merchant bank is to attract capital that enables GRIID to grow,” Smith explained in response to the question of whether this move makes Blockchain.com a bank.

Blockchain.com has also recently launched margin trading for Russian users.

In spring 2021, the cryptocurrency exchange raised $300 million at a valuation of $5.2 billion. The largest external shareholder of the British company was the Scottish asset manager Baillie Gifford — it invested in the round $100 million.

In December 2021, Blockchain.com announced the launch of an NFT marketplace.

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