{"id":4526,"date":"2019-07-02T14:30:27","date_gmt":"2019-07-02T13:30:27","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4526"},"modified":"2019-08-13T08:41:13","modified_gmt":"2019-08-13T07:41:13","slug":"the-blockchain-threat-to-traditional-finance","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/07\/02\/the-blockchain-threat-to-traditional-finance\/","title":{"rendered":"The blockchain threat to traditional finance"},"content":{"rendered":"<p>From investment banks to broker-dealers, asset managers, clearing houses, custodians and securities depositaries, almost every segment of traditional finance is now under threat from blockchain technology.<\/p>\n<p>That\u2019s the key message from Townsend Lansing, our guest <a href=\"https:\/\/www.blubrry.com\/newmoneyreview\/45241993\/the-blockchain-threat-to-traditional-finance\/\">in the latest <em>New Money Review<\/em> podcast<\/a>, \u2018the future of money in 30 minutes\u2019.<\/p>\n<p>In the podcast, Lansing, a lawyer and former investment banker, described how new tokenised fundraisings are gaining ever more interest.<\/p>\n<p>\u201cIf you don\u2019t think token offerings are disrupting traditional capital markets, you\u2019re not paying attention,\u201d Lansing tells <em>New Money Review<\/em> editor Paul Amery during the podcast.<\/p>\n<p>Lansing cites the controversial recent sale by cryptocurrency exchange Bitfinex of $1bn in a new token called \u2018LEO\u2019 as a potential landmark for the new technology.<\/p>\n<p>The sale was completed within ten days in May, according to Bitfinex, despite the exchange being <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2019\/04\/26\/ny-prosecutor-alleges-fraud-by-bitfinex\/\">the target of an April lawsuit, alleging fraud, from the New York Attorney General<\/a>.<\/p>\n<p>Lansing is the chief commercial officer at Token Market, which provides tools for blockchain-based businesses to grow.<\/p>\n<p>The latest <em>New Money Review<\/em> podcast covers the evolution of distributed ledger technology \u2013 from the creation of bitcoin and ethereum to the more recent growth of digital finance in the form of tokenised assets.<\/p>\n<p>In the podcast, Lansing also discusses:<\/p>\n<ul>\n<li>How the fraud-ridden 2017\/18 bubble in initial coin offerings (ICOs) has prompted intense interest in the future regulation of token offerings;<\/li>\n<li>How security tokens offer companies to issue traditional equity and debt but to record that issuance in a new way\u2014on a blockchain;<\/li>\n<li>How utility tokens potentially represent a revolutionary new way for technology companies to sell their services and products;<\/li>\n<li>Why millennials may prefer owning and trading tokens to holding a brokerage account and buying shares or funds;<\/li>\n<li>Why there\u2019s a tension between the idea of financial market regulation based on a single state\/region and the potential for a single global financial infrastructure;<\/li>\n<li>How initial exchange offerings (IEOs) are an unregulated evolution of initial coin offerings (ICOs).<\/li>\n<li>Why the recent Bitfinex fundraising is so significant.<\/li>\n<\/ul>\n<p>Here are some key quotes from the interview:<\/p>\n<p><em>[on Bitfinex]<\/em><\/p>\n<p>\u201cTen years ago, if a company had been sued by a meaningful law enforcement agency like the New York Attorney General, then had gone to an investment bank to help raise a billion dollars, they would have been laughed out of the room.\u201d<\/p>\n<p>\u201cBitfinex was able to tap that amount in under ten days by creating a completely novel instrument that was a hybrid of a utility token, a debt instrument and a convertible into equity. They didn\u2019t use an investment bank or a traditional intermediary. It\u2019s a radical new development.\u201d<\/p>\n<p><em>[a new infrastructure is being created]<\/em><\/p>\n<p>\u201cDespite all the bubbles and fraud allegations, the industry is moving along and things are changing at a tremendous pace. It\u2019s like the internet bubble of 1998-2000. There were lots of frauds, but the fibreoptic cables were being laid for the future of the internet.\u201d<\/p>\n<p>\u201cDigital assets are disrupting the big banks. You\u2019re going to see a lot of the investment banks working out how they can apply this technology to their own businesses. <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2019\/02\/19\/jpm-coin-adds-to-pressure-on-central-banks\/\">JPM Coin<\/a> is an example.\u201d<\/p>\n<p><em>[incumbents face a loss of business]<\/em><\/p>\n<p>\u201cFrom transfer agents and administrators up to the clearing houses and the central securities depositaries, they either need to adopt the new technology or understand how it\u2019s going to impact their business.\u201d<\/p>\n<p>\u201cThe capital formation business has traditionally generated lucrative fees for investment banks. But the Bitfinex case shows you can tap pools of liquidity without the need for anyone to support the capital-raising.\u201d<\/p>\n<p><em>Don\u2019t miss any more New Money Review content:\u00a0<a href=\"http:\/\/eepurl.com\/du6eTr\"><strong>sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n<p><em>Support New Money Review on <a href=\"https:\/\/www.patreon.com\/newmoneyreview\">Patreon <\/a><\/em><em>or <a href=\"http:\/\/beta.newmoneyreview.com\/\">in cryptocurrency<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From investment banks to broker-dealers, asset managers, clearing houses, custodians and securities depositaries, almost every segment of traditional finance is now under threat from blockchain technology. That\u2019s the key message [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053],"tags":[1419,1080,1447,1449,1502,1503,1501],"class_list":{"0":"post-4526","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"tag-bitfinex","11":"tag-blockchain","12":"tag-ico","13":"tag-ieo","14":"tag-token","15":"tag-tokenisation","16":"tag-townsend-lansing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The blockchain threat to traditional finance - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2019\/07\/02\/the-blockchain-threat-to-traditional-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The blockchain threat to traditional finance - New Money Review\" \/>\n<meta property=\"og:description\" content=\"From investment banks to broker-dealers, asset managers, clearing houses, custodians and securities depositaries, almost every segment of traditional finance is now under threat from blockchain technology. 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