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Ciaran Lyons
20 hours ago


BANKING IS ‘SLOWLY DYING’ — FORMER TRADFI EXECS ON REASONS FOR JOINING CRYPTO

Cointelegraph spoke to former senior executives in traditional finance who've
made the move to crypto. Would they ever go back?

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Despite plenty of regulatory action in the United States and an ongoing crypto
winter, former TradFi executives, now in crypto, said there’s no desire to
return to their old banking lives.

Instead, several former traditional bankers told Cointelegraph they remain
bullish about the industry's future and love the fact they can actualize real
innovation.

Lisa Wade, CEO of DigitalX, is one such executive, having pivoted to crypto in
December 2021. She was once the head of innovation and sustainability at
National Australia Bank (NAB), one of Australia’s Big Four banks.



Wade told Cointelegraph that the crypto industry provides her with greater
freedom to take innovative risks compared to the banking sector.

> “It is becoming very obvious Web3 financial rails are the future — it is hard
> to innovate internally so those of us with a fire in our bellies are jumping
> ship.”

Wade holds the belief that crypto will witness widespread adoption in the coming
years, stating that “like ESG, this will be mainstream in 10 years or sooner.”

She added that she moved over to the crypto industry to “build something great
[…] in a way that a bank couldn’t.”

Similarly, Guy Dickinson, the CEO of carbon trading platform BetaCarbon, moved
away from a lucrative executive banking role in 2022 as the former treasurer of
HSBC Australia.


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“I moved into the Web3 space as the carbon credit and environmental markets
space was not easily accessible and Web3 provided access to the market,” he
said.



For Dickinson, the motivation behind the move wasn’t driven by money, but rather
by a quest for personal fulfillment.

“It is not more lucrative; it is however far more satisfying,” he said, adding
that jobs in traditional finance are not as safe as they once were:

> “The banking industry is slowly dying. Constant layoffs and technological
> efficiencies render many professional service roles at risk. A senior banking
> official always has a target on his back in the current landscape.”

Simon Dixon, CEO of investment platform BnkToTheFuture, told Cointelegraph he
actually attempted to create a traditional bank in 2011 before building a
“regulated crypto securities business.”

Dixon said when he did his research into creating a traditional bank, he found
out it was actually a massive risk:

> “When we applied for a license, the regulators told us we had to store our
> funds in another fractional reserve bank and that it’s only profitable if we
> leverage client funds like all banks.”

Later that year, Dixon discovered Bitcoin

BTC

$30,032

and took an interest in the fact that “funds are owned in self-custody, spent
peer to peer and backed by full reserve math and code.”

Related: Investors want crypto, but not without TradFi backing: Nomura survey

TradFi executives have been making their way over to crypto for years now.

According to a Fortune report published in July 2022, two JPMorgan executives,
Eric Wragge and Puja Samuel, resigned to pursue a career in the crypto industry.

Wragge, previously a managing director at JPMorgan, made the decision to join
Algorand

ALGO

$0.13

as its head of business development and capital markets.

Samuel, who served as head of ideation and digitalization at JPMorgan, took on
the position as head of corporate development at Digital Currency Group.

Magazine: Peter McCormack’s Real Bedford Football Club puts Bitcoin on the map

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 * #Cryptocurrencies
 * #Banks
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 * #innovators
 * #Web3
 * #JPMorgan Chase



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Tom Mitchelhill
20 hours ago


STARKNET MOVES CLOSER TO EVM COMPATIBILITY WITH UPCOMING ‘KAKAROT’ TESTNET

With fresh funding under its belt, Starknet will launch a new testnet zkEVM in
August that allows developers to write in any EVM-compatible language on
Starknet.

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Starknet, a zero-knowledge layer-2 scaling solution for Ethereum, is one step
closer to becoming fully Ethereum Virtual Machine (EVM) compatible, pending an
August testnet launch of Kakarot, a new zkEVM.

On June 3, the Kakarot team announced it had received new backing from Ethereum
co-founder Vitalik Buterin, Ledger co-founder Nicholas Bacca and Starkware.



> We have powered up and entered Super Saiyan mode⚡. Kakarot Labs has officially
> been incorporated and closed a pre-seed round with top-tier investors.
> 
> Let’s unpack our vision, current standing, and the exciting future ahead.
> pic.twitter.com/VI8QRdPLfw
> 
> — Kakarot zkEVM (@KakarotZkEvm) June 2, 2023

In an interview with Cointelegraph, Kakarot CEO and co-founder Elias Tazartes
explained that while Starknet stands as a leading Zero Knowledge roll-up in the
Ethereum ecosystem, it’s not EVM compatible, so there’s “kind of a barrier to
entry.”

Starknet is used by developers to scale decentralized applications, transactions
and computation on Ethereum but uses its own native language, Cairo. According
to Starknet, the use of Cairo makes it easier and faster to develop, review and
maintain new code.

The downside is that it isn’t EVM compatible, which could dissuade some
developers.

> “The greatest impact that Kakarot can have is to make Starknet EVM
> compatible.”

“Kakarot right now is like a Solidity or any language engine. Eventually you
will be able to put that engine within Starknet to make it EVM compatible.”

At present, Starknet runs its own custom smart contract Virtual Machine, dubbed
“Cairo VM,” which leverages Cairo. This means that Starknet doesn’t have direct
EVM compatibility out of the box, something that could prove to be a significant
hurdle for overall rollup performance.

Kakarot co-founder Elias Tazartes.

“Some teams really need to be able to use Solidity. For example, if someone
wrote a DEX or an AMM for the Ethereum ecosystem and now has 60,000 lines of
code already audited, ready to go, but it’s only on EVM chains.”

If these developers wanted to start using Starknet, they would have to hire a
whole new dev team, write in, audit the code again and maintain two code bases —
which Tazartes describes as “prohibitively expensive.”

Related: More TPS, less gas: Ethereum L2 Starknet outlines performance upgrades

According to Tazartes, the idea for the zkEVM was first floated during a
Starkware conference in July 2022. By October, the development team was able to
together for a week during a hacker house event in Lisbon, Portugal, to get
cracking on the new zkEVM.

Two months and 20 days later, in December, the coding for the project was
complete, ready to create a fully functional execution layer — all of which was
achieved without any venture funding.

Notably, Tazartes said that Buteirn later invested in Kakarot due to his
enthusiasm over a multiple-zkEVM approach to building out the Ethereum
ecosystem.

> “For Vitalik, the more zkEVMs the better, because as long as you have a wide
> diversity of architecture and diversity of approaches…then this is really good
> for the space as a whole.”

Tazartes shared that the testnet version of Kakarot will be launched for public
use this August.

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

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 * #zk-STARK



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