A special report titled “Understanding Cryptocurrency,” is published by Wells Fargo, the U.S fourth largest bank. The report makes a comparison between digital assets and the invention of “the internet, cars, and electricity.”
Crypto assets Are Building Blocks Of New Internet
The report was published at the start of this month and is produced by its Global Investment Strategy team. The report calls digital assets as the building blocks of a new internet. It further mentions that the digital assets will bring “new possibilities and investment opportunities,” in a statement aimed for the Wells Fargo investment customers.
It is a popular prediction that digital assets will become the building block of the Internet of Value, a new internet. It is expected to disrupt the finance world. Pretty much how the internet did to information and communications. “What it may mean for investors.”
Now, the term “internet of value” is not new. In March, Helen Hai, the Head of NFT & Fan Tokens for Binance, referred to the internet of value through which it looks at crypto. The term however perfectly defines the difference between web3 and web2.0.
Wells Fargo has made an interesting observation regarding a significant trend in the crypto industry. The bank points out that the poor user experience in crypto and web3. The dApps are highly complicated and management of wallets is also poor. There are several hindrances for new users. Beginners continue to remain unaware of passphrases, tokens, blockchain, seed phrases and token transfers.
Wells Fargo also revealed the aim of its special report. The purpose behind it is to ensure newcomers have an idea of the ‘big picture’ before they dive into the crypto industry. Its importance for the development for web3 and crypto can not be understood. But a popular banking identity releasing a special report to make non-crypto users aware about the technology, is a big deal.
Source: https://www.thecoinrepublic.com/2022/08/15/wells-fargo-publishes-a-special-crypto-report-for-non-crypto-users/