But as the asset class, which at one point topped $3 trillion in market cap, matures, the industry faces a reckoning with terminology that is ill-fitting for services that have evolved beyond those for traditional finance. DuncanTrenholme writes
Prices soared and public awareness of its enormous potential widened. Digital assets are now prominent on the radars of major financial institutions and regulators.
This disconnect is detrimental for crypto’s continued development by confusing retail and institutional investors looking for clear explanations. If people are comfortable with the language of the fledgling industry, they are more likely to become participants in it. Pinpoint definitions also allow regulators to make decisions more quickly.
"Exchange" may often be the wrong term for this type of firm. What’s the alternative? Perhaps a hybrid encompassing the main services of these companies would be more descriptive and consumer friendly.Even the using the term"cryptocurrency" to describe the assets themselves is misleading, as it fundamentally confuses the role of many tokens within their native networks and beyond. The majority of digital assets are not currencies.
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