Cryptocurrency is here to stay, said Bader Kalooti, regional director of growth and operations at Binance.
"Web3 and blockchain have proven to be a powerful solution to drive efficiency, transfer value more effectively and add a layer of trust, transparency and immutability to any sector, not just financial."
However, Kalooti said that there is a major challenge in the cryptocurrency and Web3 space, which is the lack of awareness and knowledge.
“With the emergence of any new technology, there is a tendency for it to be quite esoteric, meaning that a very small percentage of the population will identify with that new technology. Therefore, education plays a vital role in driving mass adoption,” Kalooti said.
He also talked about the importance of distinguishing between novice and expert cryptocurrency users, and Binance caters to both segments through its platforms, including Binance Light for newcomers and Binance Pro for experienced investors.
Examining Dubai's role as a prominent global cryptocurrency hub, Kalooti noted the significant influence of the global liquidity cycle in the short term, recognizing its high volatility.
However, he said the long-term trajectory of cryptocurrencies is determined by network adoption and regulatory developments.
Kalooti noted that entrepreneurs often navigate an uncertain “Wild West”-like landscape when establishing new cryptocurrency projects. Over time, regulators step in to set the rules as these initiatives gain scale.
Contrary to the idea of replacing Web2, Kalooti further explained that Web3 leverages blockchain technology to improve efficiency and productivity.
He also highlighted the growing attraction of young talent to the cryptocurrency space and the substantial capital flowing to innovative entrepreneurs.
