Huobi’s COO believes lack of defined regulation and infrastructure services are preventing the mass adoption of blockchain technology.
Robin Zhu, Huobi Global Group’s COO, told Cointelegraph at a China Great Bay Area International Blockchain Week pre-event interview on August 3 that lack of defined regulations and infrastructure services are preventing the mass adoption of blockchain and crypto.
Defined regulation and mass adoption
Zhu explained that, in addition to concerns about hacking, users are put off by the lack of defined regulations, infrastructure services, and user-friendly asset management systems. He continued that:
“Security has always been on the top of the list. Lack of defined regulations and infrastructure services means that it is hard for mass users to entrust their cryptocurrency with most institutions and cooperates in this industry without any doubt.”
He says that another key factor is the preconception of cryptocurrencies. He stressed that while Bitcoin has become a household name over the past decade, many still don’t know what to do with it, let alone other cryptocurrencies. It will take a long time for the mainstream to figure out unless more robust infrastructures and user-friendly applications are built in the near future.
Crypto exchange roles
Blockchain, according to Zhu, has long been highlighted by the government as one of the keys to technological innovation and industrial revolution. Huobi, as one of the biggest crypto exchanges, sees it as an opportunity to provide much needed infrastructure and services.
Zhu says that Huobi University, which provides Blockchain education, has created multi-dimensional course modules for students from a variety of backgrounds. He says more than 100 free lectures are provided to government employees and employees from medium-sized enterprises globally. He added that:
“Driven by the supportive policy environment and pouring-in capital, demands for high-quality talents, technology innovation-oriented corporates and commercialized cases grow rapidly over the years. Huobi sees the rising opportunities in training talents, empowering real economy, project incubation and setting industry standards.”
Zhu believes that in the future, blockchain and cryptocurrency will change the world. He notes that in the future, global economic activities will become more efficient and convenient thanks to this technology-oriented revolution. Providing examples, he said:
“Singapore, London, Hong Kong, and Japan have already begun regulating crypto with defined policies; first-tier corporates like Huobi are dedicated to build up more infrastructures including crypto payment system, digital asset management platform, custody, and etc[…]For the world, the value of blockchain is to change the ways that value circulates and the business model works; for you and me, blockchain is the life-changing opportunity that you won’t miss.”
As Cointelegraph reported previously, Blockchain is attracting more institutional investors to the crypto space as regulation becomes more clear.