- This is what former executives of major financial counterparties believe
- Those from NAB and HSBC Australia
- They chose Web3 over TradFi for a variety of reasons
- But all agree that the traditional banking system is losing ground
Despite regulatory pressure in some jurisdictions, the digital asset market is thriving. Moreover, it is increasingly being called not an alternative, but a full-fledged replacement for TradFi. Bankers have the same opinion.
In a comment for Cointelegraph, three of them said they have no regrets about their choice in favor of cryptocurrencies. For example, Lisa Wade, now CEO of DigitalX, previously worked at the National Australia Bank (NAB).
She was head of innovation and strategic planning. Here’s how Wade explained her December 2021 departure from NAB:
“Clearly, the future is Web3. It’s hard to innovate at TradFi, so those of us who are burning with the idea are jumping ship.”
She echoes Guy Dickinson, CEO of BetaCarbon. In Web3 he left a very lucrative position at HSBC Australia. His decision was influenced by a desire for self-actualization.
Simon Dixon, CEO of BnkToTheFuture, even tried to create his own bank in 2011.. It was stopped by a lot of implicit risks and, oddly enough, pressure from regulators.
It’s interesting that this practice is only gaining momentum. Members of top management are leaving TradFi in an effort to innovate and, as Wade noted, “create something great.” Notably, last October we covered the senators’ formal appeal to the SEC and the Fed. It said about 200 employees from U.S. government agencies have moved to the CA sector over the past few years.
It said that in the past few years, about 200 employees from U.S. government agencies have moved to the CA sector.