According to one investor, the Metaverse will not be a crypto turning point


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  • According to Frédéric Chesnais, CEO of French fintech business Crypto Blockchain Industries, the emergence of online virtual worlds will assist progress the general use of cryptocurrencies for financial transactions, but it will not be a game-changer
  • Chesnais, who was the CEO of gaming giant Atari until earlier this year, told a Reuters NEXT panel on Thursday, He thinks it will be essential, but he does not think this is the crucial turning moment
  • According to Chesnais, the more than one billion individuals worldwide who do not have access to a bank account due to a lack of an address or formal identification will drive popular acceptance of cryptocurrencies

According to Frédéric Chesnais, CEO of French fintech business Crypto Blockchain Industries, the emergence of online virtual worlds will assist progress the general use of cryptocurrencies for financial transactions, but it will not be a game-changer. Users may buy and sell virtual products and services using cryptocurrencies in blockchain-based 3D virtual worlds, often known as metaverses. According to some observers, the rising popularity of metaverses will lead to a surge in digital tokens.

Chesnais, who was the CEO of gaming giant Atari until earlier this year, told a Reuters NEXT panel on Thursday, He thinks it will be essential, but he does not think this is the crucial turning moment. After Facebook announced in October that it was changing its name to Meta and would be focusing on creating its own virtual world, interest in the metaverse surged. Other large corporations and smaller fintech are scrambling to create digital worlds as well. Crypto Blockchain Industries is creating AlphaVerse, a blockchain-based metaverse, and investing in blockchain initiatives.

According to Chesnais, the more than one billion individuals worldwide who do not have access to a bank account due to a lack of an address or formal identification will drive popular acceptance of cryptocurrencies. Having a wallet and being paid in cryptocurrency is the only option for these folks to have access to a better way of life and to be part of the economic system, he added. Yat Siu, chairman, and co-founder of Animoca Brands, which invests in and constructs virtual worlds, warned on Wednesday that while digital assets are expected to rise as virtual worlds become more popular, investors in these technologies would experience “bumps in the road” as the technologies mature.


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