The crypto industry needs a crypto capital market structure

The past few weeks have been interesting and have surfaced what we in the financial services industry call matters requiring attention, or MRAs. An MRA describes a practice that deviates from sound governance, internal controls and risk management principles. These matters that require attention have the potential to adversely affect the industry and increase the risk profile.

I have always focused on technology and innovation-led business models — systems and interconnected elements of blockchain-powered business networks — redefining the transaction systems that power many industries, including financial services. A growing number of naysayers have become vocal about recent events, which have revealed extensive mismanagement, ill-defined and misgoverned systems, and general misrepresentation of the industry. As a result, I want to take a systemic view of the industry to understand what led to this point, dissect the failings, and be prescriptive on how we can learn from failures and build upon successes.

Nitin Gaur has recently joined State Street (NYSE:) Digital as its managing director, where he leads digital asset and technology design, with aspirations to transition part of the company’s financial market infrastructure and its clients to the new digital economy. In a previous role, Nitin, served as the founder and director of IBM (NYSE:) Digital Asset Labs — committed to devising industry standards, use cases and working toward making blockchain for enterprise a reality. In parallel, Nitin also served as chief technology officer of IBM World Wire — a cross-border payment solution utilizing digital assets. Nitin also founded IBM Blockchain Labs and led the effort in establishing blockchain practice for the enterprise.