Reuters Next: Metaverse won't be turning point in cryptocurrency adoption, investor Chesnais says

Atari SA

02/12/2021 14:37

By Michelle Price
    WASHINGTON, Dec 2 (Reuters) - The growth of online virtual
worlds will help advance the mainstream adoption of
cryptocurrencies for payment transactions but it won't be a
game-changer, according to Frédéric Chesnais, chief executive of
French fintech company Crypto Blockchain Industries  ALCBI.PA . 
    In blockchain-based 3D virtual worlds, often referred to as
metaverses, users can purchase and trade virtual assets and
services using cryptocurrencies. Some analysts have argued the
growing popularity of metaverses will drive an explosion in
digital tokens.
    "I think it will be important but I don't think this is the
key turning point," Chesnais, who was until earlier this year
the CEO of videogame company Atari  ATAR.SA  told a Reuters NEXT
https://reutersevents.com/events/next panel on Thursday.
    Interest https://www.reuters.com/technology/what-is-metaverse-2021-10-18
 in the metaverse exploded after Facebook said in October it was
changing its name to Meta and would be focusing on building its
own virtual world. Other big companies and smaller fintechs are
also rushing to develop digital worlds. 
    Crypto Blockchain Industries invests in blockchain projects
and is developing AlphaVerse, a blockchain-based metaverse.
    Chesnais said that the mainstream adoption of
cryptocurrencies will be driven by the more than one billion 
people globally who do not have access to a bank account because
they may not have an address or an official identity.
    "The only way for these people to have access to a better
way of life and be part of the economic system is to have a
wallet and to be paid in cryptocurrency," he said.
    “This is the most important moment for crypto."
    On Wednesday, Yat Siu, the chairman and co-founder Animoca
Brands -- which invests in and builds various virtual worlds --
cautioned https://www.reuters.com/markets/currencies/digital-assets-face-bumps-road-amid-china-like-growth-metaverse-investor-yat-siu-2021-12-01
 that while digital assets are set to grow as virtual worlds
become more popular, investors in these technologies will face
"bumps in the road" as the technologies mature.
    To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

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TAKE-A-LOOK-Highlights from the Reuters Next conference   
 urn:newsml:reuters.com:*:nL8N2SM4XN
REUTERS NEXT-Digital assets face 'bumps in the road' amid
China-like growth, metaverse investor Yat Siu says   
 urn:newsml:reuters.com:*:nL1N2SM0K8
REUTERS NEXT-ECB's Lagarde calls for regulating Bitcoin's "funny
business"     urn:newsml:reuters.com:*:nL1N2JO0RM
REUTERS SUMMIT-Volatile bitcoin not yet a store of value
-Fidelity digital assets boss      urn:newsml:reuters.com:*:nL4N2IJ3QC
Register for the Reuters Next conference     https://reutersevents.com/events/next/
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 (Reporting by Michelle Price
Editing by Nick Zieminski)
 ((michelle.price@thomsonreuters.com; +12026041711; Twitter:
@michelleprice36;))