In a recent conversation with crypto analyst Scott Melker, Mo Shaikh, the CEO and co-founder of Aptos (APT), outlined three pivotal factors that could usher in a new era of mass adoption for cryptocurrencies. Shaikh believes these elements can potentially attract a billion new users to the digital asset landscape.
The first factor Shaikh emphasized is the need for a universal identity application that would allow users to access their crypto assets securely. He mentioned that a universally accepted identity could be a game-changer, especially if it allows users to manage their assets in a custodial manner, be it self-custodial or full-custodial. Shaikh noted that this concept is already gaining traction through collaborations with companies like MasterCard.
The second element Shaikh highlighted is the role of stablecoins in the crypto ecosystem. He pointed out that the demand for the US dollar has been a significant driver for the adoption of stablecoins. This demand has not only led to the growth of major stablecoin issuers but has also attracted traditional financial platforms like PayPal into the crypto space. According to Shaikh, the need for faster payments and the global reach of the US dollar have made stablecoins an essential part of the digital asset world.
The third and final factor is the innovation occurring in the decentralized finance (DeFi) sector. Shaikh praised the role of DeFi in demonstrating new avenues for wealth generation, particularly through yield farming and liquidity pools. He believes that the next phase of DeFi will offer even more opportunities, especially for protocols based on the Ethereum Virtual Machine (EVM). Shaikh concluded that access to global economies via open DeFi protocols could be a significant step toward empowering the next wave of wealth creation globally.
Featured Image via Midjourney
