One key lesson of 2022 is that “cash crypto” and “tech crypto” have to be handled in a different way. Cash crypto on this context contains crypto-financial companies similar to custody, exchanges, market making, investing and lending. And tech crypto contains open-source, public permissionless innovation similar to blockchains, decentralized finance (DeFi), non-fungible tokens (NFT), Web3 gaming, wallets, instruments and infrastructure. Monetary stability and client safety failures in crypto didn’t come up from the failure of know-how, however the failure of oversight and controls. DeFi blue chips continued to function with no glitch final yr, whereas massive opaque, centralized crypto monetary establishments collapsed like dominoes.
