Kadena's CBO Annelise Osborne Unveils Vision for Blockchain in Traditional Finance
Staff Writer • 2024-07-09
Transforming Finance: The Convergence of Suits and Hoodies In a recent episode of the SGM Podcast, Annelise Osborne, the new Chief Business Officer (CBO) of Kadena, discussed the transformative potential of blockchain technology in traditional finance. Osborne's new book, "From Hoodies to Suits: Innovating Digital Assets for Traditional Finance," has already garnered significant attention, reaching number one in the derivatives category on Amazon. Bridging the Gap: Hoodies and Suits Osborne's book aims to demystify blockchain and cryptocurrency for traditional finance professionals, a group she affectionately refers to as "the suits." In the podcast, she highlighted the importance of bridging the gap between the tech-savvy innovators, or "hoodies," and the established financial institutions. "This technology is making a lot of things happen in finance that will be more efficient," Osborne explained. "The hoodies have built this $2.6 trillion market cap industry, but to take it further, we need the suits' involvement." The Education Challenge A central theme of Osborne's book is the need to educate traditional finance professionals about the benefits and applications of blockchain technology. She recounted an anecdote about a bank that refused to discuss anything crypto-related following the FTX collapse, underscoring the fear and misunderstanding surrounding the technology. "I wrote the book for Bob, the finance guy, who doesn't understand crypto," Osborne said. "I wanted Bob to understand why this technology is so amazing and how it’s an upgrade in capital markets, not a replacement." The Evolution of Finance Osborne envisions a future where traditional finance and blockchain technology are fully integrated, benefiting both sectors. She pointed out the cost savings and increased efficiency that blockchain can bring to financial institutions. "JP Morgan has an internal stable coin for collateral management that allows faster settlement and saves money," Osborne noted. "Last year, they saved $20 million by testing repo transactions using this technology." Overcoming Obstacles Despite the benefits, Osborne acknowledges significant obstacles, particularly interoperability and outdated technology within financial systems. She advocates for a fresh start with modern technology to fully realize blockchain's potential. "One of the problems with banks is the mix of old and new technology," Osborne explained. "I would love to remove all that and start over with fresh tech. It's not the coolest answer, but it would allow for quicker innovation." Regulation and the Future Regulation is another hurdle that Osborne believes needs addressing. She highlighted the disparity in regulation clarity between the US and Europe, noting that clearer guidelines are necessary for widespread adoption. "Technology is not a political issue, but in the US, it’s becoming one because of the election," Osborne said. "In Europe, regulations are clearer, making it easier for financial institutions to adopt blockchain technology." A Vision for the Future Osborne’s book and her insights shared on the SGM Podcast paint an optimistic picture of the future of finance. She believes that the younger generations, who are increasingly taking over leadership roles, will drive the adoption of blockchain technology. "There was a study in the UK that 85% of Gen Z get their financial information from influencers," Osborne said. "Social media and the next generation are changing finance dramatically."
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