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The end-user interface would be a regulated contract or document and behind it is a foundation or a custodian that manages the keys and takes care of all the complexity of the banking infrastructure.

You think it's the complexity that keeps the big money of the institutional on the sidelines.

When it comes to institutionals, complexity is a small part of the reason why they’re still on the sidelines. Crypto is still viewed by many as a dirty word. There is some truth in it since Bitcoin has made its way through the darknet. But that's not exclusive to crypto. Nobody would call the dollar a dirty currency because criminals use it. Bitcoin has proven it is a killer app of transnational banking and the cash that has been made is not purely speculative.

«It is about building the products and infrastructure so that we are positioned for the next wave»

Bitcoin is a store of value and it has proven to be a great currency for fund formation during the ICO wave. The problem with ICOs was simply that most of them lacked proof of concept or a viable business model. We need to focus on token offerings again, but apply traditional finance’s model of risk assessment and asset allocation, to truly unlock abundance.

As an asset class bitcoin is too small.

Bitcoin may have a $200 Billion valuation, but compared to other major asset classes traded around the world, it is tiny. But the point is, it works. Now, it is a matter of building bridges between crypto and traditional finance. It is about building the products and infrastructure so that we are positioned for the next wave.

Bitcoin does not move, there's hardly any liquidity.

I agree — hodl-ing is killing us. As an asset class, Bitcoin depends on the speculative cash flows that come into the market. If you look back at what happened in 2017 during the ICO boom, people weren’t hodl-ing. Instead, Bitcoin was being traded at tremendous monetary velocity. Right now, open finance and decentralized finance are what’s in vogue in the crypto industry, but I think one should also call for the revival of the ICO. Only this time, projects need greater accountability and should result in real economic creation.

 Marc Fleury was one of the early Java-developers and builders of today's internet infrastructure. In 2006, he sold his JBoss firm for $350 million to RedHat, a U.S. software firm that specializes in open-source applications. The 50-year-old Frenchman retired to take care of his children and devote time to physics, art, and music. He only recently returned to business. With TwoPrime, he is active in crypto finance. He also advises Swiss crypto bank Mt Pelerin.