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28 Sep 2022
Observations on Crypto Global crypto markets, which boomed during the COVID-19 pandemic, rapidly crashed during the last 6 months (55% erosion of market cap) The current macroeconomic environment of rising interest rates, changes in crypto regulations, rising energy prices, and recent failures of stablecoins (Luna-Terra crash) have collectively contributed to a rapid erosion of the crypto market cap On the flip side, we continue to see several global merchants and financial services firms testing markets with new crypto commerce use cases and pilots CBDCs continue to stay relevant as disruptive form factors for digital commerce Metaverse and Web 3.0 platforms are gaining prominence with leading brands, and crypto is the preferred payment method in these two environments Despite near-term challenges, payments and fintech players continue to invest in crypto due to its long-term strategic importance Please do not hesitate to contact Anupam Majumdar at Anupam@FlagshipAP.com or Pedro Giesta at Pedro@FlagshipAP.com with comments or questions.
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