The Ava Labs CEO says the cryptocurrency industry is “grossly undervalued” because people don’t understand the technology is far ahead of its time.

adminApril 10, 2024

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Emin Gün Sirer, CEO of Ava Labs, said the cryptocurrency industry is “hugely undervalued” because the public does not understand how superior blockchain and cryptocurrency technologies are to those used in the traditional financial sector.

Anyone with experience with the technologies used on Wall Street for accounting, reconciliation and automation services will understand that “cryptocurrencies are way ahead,” he said in an interview with Real Vision.

“They are still trying to hire COBOL (Common Business Oriented Language) programmers to maintain the system,” he said. “Then look at modern systems like Avalanche or Ethereum – they are just miles ahead.”

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Ava Labs CEO: Cryptocurrency valuation “missing 0 or 2 points”

The public is unaware of the potential of cryptocurrency and blockchain technology to transform the financial space, he added.

“They don’t know what a smart contract chain can do for them and they haven’t really seen the lending platform and how easy it is to use,” he said. “At this point, I think there are 0 or 2 points missing from the evaluation of the entire space. So we are way below where we could be if people recognized the social impact that space can have.”

flash loan It was cited as an example of a “truly amazing” technology that could introduce greater levels of efficiency to the traditional financial sector.

People also failed to realize the democratization that the cryptocurrency space could unlock, and “society is far behind the value proposition” that Web3 technology offers. Ava Laboratories the CEO said.

He added that “there is something fundamentally different” about how developers build services in the cryptocurrency and blockchain space compared to the traditional financial sector.

“Cryptocurrencies are here and they are much better,” said Gün Sirer. Once people “realize the social impact” the cryptocurrency space can have, the digital asset sector could finally begin its journey to reach its full potential, he argued.

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