PayBitoPro CEO open to crypto TradFi framework

  • January 25, 2023
  • Jennifer Moore
PayBitoPro CEO open to crypto TradFi framework

Cryptocurrency projects are struggling to secure funding for their ventures. According to PayBitoPro CEO Raj Chowdhury, one way to overcome this challenge is to adopt standardization practices similar to those used in traditional finance (TradFi). This includes implementing stricter security protocols and increasing transparency to gain the trust of investors. The recent failures of DeFi projects, stablecoin issues, and bankruptcies in the crypto market have fueled investor skepticism.

Global Calls for Crypto Regulation

While the technology behind crypto has set new standards for transparency and real-time visibility, it is crucial to establish safe assurance for investor asset protection, similar to what is seen in TradFi. Japanese financial regulators have pointed out that the lack of regulations in the crypto industry is a major issue and have urged global regulators to treat crypto similarly to traditional BFSI systems with stricter control.

CEO Speak

Chowdhury stated, “Crypto ventures need to assure their customers with accountability, regular updates, routine audits, and transparent practical solutions.”

In response to the rising pattern of investor fund mismanagement by crypto managers(most notably Sam Bankman-Fried), he mentioned, “Crypto managers must understand that crypto architecture is not designed to operate on fractional reserves like conventional banks, and they need to act accordingly”.

The Road Ahead

Chowdhury suggests that in order to improve customer trust in crypto ventures, integrating a smart contract insurance system is crucial. Similar to those in traditional finance systems. Additionally, making DeFi projects more user-friendly and accessible could also improve fund security for clients.

Wrapping Up

The technology behind the cryptocurrency helps it to become more mainstream. Thereafter, by establishing new standards of transparency, real-time visibility, and business process optimization. However, it is crucial to ensure investor assets are secure. Therefore, by implementing similar practices as traditional finance (TradFi).


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