And back the other way we go. If anything else, this still suggests that the overall mood in equities is rather unsettled – even if US stocks may avoid an eighth straight weekly drop this week. A look across the board:Eurostoxx +0.3%Germany DAX +0.3%UK FTSE flatFrance CAC 40 +0.3%S&P 500 futures -0.1%Nasdaq futures -0.5%Dow futures flatThat compares with the earlier move here.

The dramatic
transformation of the World Wide Web triggered Web 3.0 in 2021, powered by blockchain
technology, artificial intelligence, and machine learning. It completely reshaped
businesses and operating models, forcing traditional banking systems and
financial service companies to step into uncharted territory.

 

We chatted with
Octavian Patrascu, founder of global broker CAPEX.com,
about the challenges and opportunities of the fintech industry in the Web 3.0
era.

 

Web 3.0 – a game-changer
for fintech companies

 

We started the
conversation with Octavian asking his opinion about the Web 3.0 impact on the
fintech industry. Here’s what he answered:

 

‘After Bitcoin was
launched in 2009, the financial technology scene started to grow quickly. In
the years that followed, we saw the rise of many new fintech companies and the
development of innovative technologies that traditional financial institutions
are now using.

 

However, the landscape
is changing again with the development of Web 3.0. Businesses can already feel
the impact of decentralized finance (DeFi), which is based on blockchain
technology. We are about to witness a new wave of fintech innovation that will
make the industry more efficient and accessible, bringing forth a new internet
infrastructure that will change the rules of the game,’ Octavian added.

 

 

How does the fintech world
benefit?

 

According to the CAPEX.com
founder, the third generation of internet services is disrupting the way
people, businesses, and regulatory organizations are collaborating and planning
to work together.

 

With the integration of
DeFi at the heart of new technology, we have a completely new financial system
outside of the central authorities’ control. The DeFi system’s protocols and platforms
that provide financial services are decentralized and cannot be shut down by
any bank.

 

DeFi is also more
efficient than the traditional financial system. People can send money directly
to someone without going through a mediator. All the transactions are recorded
on the blockchain and are visible to everyone with an Internet connection,
making it more transparent and accessible.

 

Due to the advantages
of the DeFi systems, the benefits of Web 3.0 can be quite impressive. For
example, Web 3.0 makes the onboarding process more user-friendly. Every single
evolution of the web will ensure even more trustworthiness for businesses by
eliminating security issues of storing any data.

 

With Web 3.0’s list of
contributing technologies, fintech companies can automate processes to perform
customer journey mapping and allocate resources more efficiently to meet client
demands, facilitate better engagement, and encourage enduring loyalty.

Artificial
intelligence, IoT (Internet of things), and blockchain technology – the three
crucial foundations of Web 3.0 – ensure real-time, secure, and transparent
transactions for FinTech companies worldwide.

 

Web 3.0 reduces account
suspensions and denial of distributed services, helping financial technology businesses
lower the cost of managing server failures or other similar issues.

 

What about the
challenges for the fintech industry in the new digital era?

Without challenges,
there would be no opportunity to evolve. Octavian named some of the obstacles that
fintech companies need to overcome under Web 3.0:

‘The new technologies
have many benefits, but they also pose some challenges.

·     
Firstly, DeFi is still
in the early stages of development. This means that some bugs and glitches need
to be fixed.

·     
Secondly, blockchain
technology is constantly evolving. This means the protocols and platforms that
provide financial services can change quickly, taking businesses and
entrepreneurs by surprise.

·     
Thirdly, Defi is a
global system, so the rules and regulations that apply to the traditional
financial system do not necessarily apply to the DeFi system. For example, in
the conventional financial system, there are KYC (know your customer) and AML
(anti-money laundering) regulations that banks must follow. However, in the
DeFi system, these regulations do not necessarily apply ‘, the CAPEX.com
founder said.

 

What does the future of
fintech hold under web 3.0?

 

Octavian believes the
future of fintech could be very exciting under web 3.0: ‘With the arrival of
decentralized finance (DeFi), we see a new wave of financial applications and
services built on the Ethereum blockchain, leading to many fresh possibilities
for interacting with and using financial services. Under web3.0, we see the
shift changing from traditional financial infrastructure, centralized and
controlled by a few institutions, towards a more decentralized and open system.
This will provide more opportunities for innovation and ultimately pave the way
for a more inclusive and democratic financial system to emerge.

 

We are only just
scratching what is possible now with these technologies. In the future, I
believe they will become the primary way that people interact with financial
services. Traditional infrastructure will become increasingly obsolete, and we
will see a change towards a more open, inclusive, and democratic financial
system,’ concluded Octavian Patrascu.

 

What is CAPEX.com’s
position on early web3.0 technology adoption?

 

‚Democratization is
a significant component in trading nowadays, and I know that investors are
frequently looking for new prospects. The 2022 economic outlook allows more
people to start investing in assets that were not considered feasible just
a few years ago. As one of the leading global fintech companies, it’s only
natural for us to look into the future to offer new types of services related
to DeFi, remarked Octavian Patrascu’.