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Alibaba Founder Jack Ma Highlights Digital Currencies Are Future

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Jack Ma highlighted that the world is spinning towards an inclusive financial system that is more focused on marginalized people.

Jack Ma, co-founder and former executive chairman of Alibaba Group Holding Ltd (NYSE: BABA), had a chance to speak during the 2nd Bund Finance Summit organized by the China Financial Forty Forum in conjunction with various organizing committee member institutions. During his speech, Jack Ma touched the issues of digital currencies.

Jack Ma on Digital Currencies at Bund Summit

Apparently, according to the philanthropist and dollar billionaire, digital currencies possess the capacity to redefine the global financial system in the near future. “Digital currency could create value and we should think about how to establish a new type of financial system through digital currency,” Jack Ma indicated.

His comments were seconded by Binance CEO Changpeng Zhao who most applauded him for openly discussing Chinese crypto regulations.

This comes as digital currencies take a new phase of global adoption with global central banks rushing to develop the best form of CBDC.

China is already miles ahead of other countries in developing and implementing its digital currency. Whereby it recently completed a week-long test on the digital yuan with the public.

Notably, cryptocurrencies in China are banned although the highest number of Bitcoin miners come from mainland China.

In his speech, Ma highlighted that the world is spinning towards an inclusive financial system that is more focused on marginalized people. Precisely, a system that will shift gears from helping only 20% of the global population to helping 80% of the world struggling population.

“Today’s global financial system must be reformed, otherwise it will not only lose opportunities but will plunge the world into chaos,” Ma commented.

He gave digital currencies as the solution to the impending storm that the world is facing now and in the future. He urged developers to primarily focus on solving problems with the global economy using digital currencies.

On the Flipside

This comes as digital currencies total market capitalization has risen during the pandemic and most assets’ value astronomically risen. The total market capitalization of all digital assets at the time of reporting was at approximately $396.17 billion. Notably, Bitcoin was leading the pack with approximately $242 billion, around 61.14% market dominance.

With PayPal Holdings Inc (NASDAQ: PYPL) grand entry into the crypto industry last week, digital assets are likely to be used more as digital currencies in the near future.

However, the literal translation of digital currencies in China is yet to be interpreted legally. Digital currencies promise a future of fast transaction speed, low cost of transactions, and a dependable system by the global financial system.

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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.