CV Summit 2023: Key Takeaways for European Web3 Businesses
By Luigi Savarese
October 4, 2023
The CV Summit 2023, held in Zug, Switzerland, was a premier event for blockchain and Web3 leaders, innovators, investors, and policymakers worldwide. The summit featured various keynote speakers, panel discussions, and workshops on topics such as the future of blockchain and Web3, the Crypto Valley in Zug, financial applications, the regulatory landscape, Web3 startups, and the social impact ob blockchain apps.
Key takeaways from CV Summit 2023
Switzerland is a leader in the global blockchain and Web3 space. The country has a favorable political and regulatory environment for blockchain businesses, and it is home to a thriving ecosystem of startups, investors, and service providers.
Liquid staking, RWAs, and perpetual are among the most promising DeFi trends. Liquid staking allows users to stake their assets while still maintaining liquidity. RWAs, or real-world assets, are being tokenized on the blockchain, which is making them more accessible and liquid. Perpetuals are contracts that allow users to bet on the future price of an asset without having to take delivery of the asset. The focus has been particularly placed on real estate, shares, and diamonds.
Staking is an important part of blockchain ecosystems, but it can be complex and difficult to manage for individual users. Liquid staking platforms offer a more convenient and capital-efficient way to stake.
Tokenizing RWAs, such as shares and real estate, has the potential to democratize access to these asset classes and make them more liquid. However, there are still some challenges to overcome, such as regulatory hurdles and the need for investor education.
The US SEC's recent actions have created some uncertainty for the blockchain industry, but institutional investors are still getting ready to enter the market.
Switzerland is a leader in the blockchain and Web3 space, but other countries are catching up. The European Union is developing a comprehensive regulatory framework for crypto assets, and several European countries, such as France and Germany, are investing heavily in blockchain research and development.
Opportunities for Web3 businesses
During the first day of CV Summit, it became clear that Europe is a large and growing market for blockchain and Web3 products and services. The region has a strong tech sector and a large population of early adopters. Moreover, the EU is developing a favorable regulatory environment for blockchain businesses. In line with this, the latest proposal of the Markets in Crypto Assets (MiCA) regulation is expected to provide clarity and certainty for businesses operating in the European market. Europe is also currently home to several world-class blockchain and Web3 startups. These startups are developing innovative products and services that address the needs of businesses and consumers alike. This is crucial for the future of every industry, and this is because, as Andra-Maria Maute (Swiss Fintech Innovations) stated during her speech "Everything that can be tokenized will be tokenized".
Main challenges in Web3 today
Fo business looking to transition into Web3 and for startups aiming at developing new products and services, the event shed light on some key challenges that needs to be addressed in the space:
The blockchain industry is still in its early stages of development. This means that there is a lot of uncertainty and risk associated with investing in this space.
The regulatory landscape for blockchain is still evolving. This can make it difficult for businesses to comply with all applicable laws and regulations.
There is a need for more skilled blockchain developers and professionals. This can make it difficult for businesses to find the talent they need to succeed.
After witnessing the many keynotes presented during the CV Summit, here are some recommendations that we, at Lab51, would like to suggest to our readers:
Focus on building products and services that solve real-world problems. The blockchain industry is still in its early stages of development, so it is important to focus on building products and services that are in demand.
Partner with established businesses and organizations. This can help you to gain credibility and reach a wider audience.
Build a strong team of experienced professionals. The blockchain industry is complex and rapidly evolving, so it is important to have a team with the skills and expertise to help you succeed.
Stay up-to-date on the latest regulatory developments. The regulatory landscape for blockchain is still evolving, so it is important to stay up-to-date on the latest developments.
The CV Summit 2023 was a valuable event for European Web3 businesses and fans. The summit provided insights into the latest trends and developments in the blockchain industry, and it highlighted the opportunities and challenges facing European businesses. By focusing on building effective products and services, partnering with established organizations, building a strong team, and staying up-to-date on the latest regulatory developments, we are sure that Web3 businesses can position themselves for worldwide success.