Navigating the future of Web3 in Financial Services: opportunities and challenges ahead

Written by Rita Martins, author of “Web3 in Financial Services”

Everyone has heard about “Web3”, but what does it actually mean? For some, it represents data ownership, while for others, it is seen as a rebrand by Venture Capitals (VCs) to inject new momentum into the Crypto space. Personally, I see Web3 as a broader ecosystem of companies leveraging blockchain technology to create innovative solutions, services and products, while trying to balance decentralisation, openness and ownership. In financial services, Web3 has the potential to be truly disruptive. Historically, new technologies and innovations have been implemented on top of legacy financial systems with money, assets and processes running on different rails. Web3 aims to disrupt finance at its core by replacing legacy systems with blockchain and embedding finance and money into these new rails. Interestingly, Web3 ecosystem is also breaking traditional social norms and beliefs. For example, Bitcoin is now legal tender in certain jurisdictions such as El Salvador and Central African Re…