"The ability to handle crypto as an asset is just the beginning for the transformation of financial services," Dan Doney, CEO at Securrency, a digital asset infrastructure firm that focuses on the use of blockchain for financial services, told Seeking Alpha in a recent interview. Doney pointed out that the global market cap of cryptocurrencies, standing at $908.6B at the time of writing, is nowhere near to the "$1.4 quadrillion scale" representing the traditional financial services industry. But "it's actually just the tip of the iceberg," he added."His remarks come as a growing number of big players in traditional finance (TradFi) deepen their involvement in different areas within decentralized finance (DeFi), including lending, custody and derivatives trading. That trend remains intact even as digital token prices like bitcoin (BTC-USD) and ethereum (ETH-USD) fall victim to over 70% drawdowns from their November 2021 peaks, underscoring institutional demand for at least exploring DeFi solutions in response to growing client interest in blockchain technology and tokenized products. Securrency itself is developing a blockchain-focused framework for managing financial services in which it enables the ability to have traditional assets in tokenized form. The company will act as the transfer agent for WisdomTree's Short-Term Treasury Digital Fund (WTSY) whereby it will keep the primary record of share ownership for the fund and, ...
