Since the collapse of FTX in November, the conversation around crypto has been dominated by dark mutterings about its demise or endless chatter over regulation. That’s why it was refreshing to speak to Joe Lubin, one of the cofounders of Ethereum who is now best known for overseeing ConsenSys, which has evolved from a chaotic crypto incubator to a software company known for the popular MetaMask wallet.
Unlike many in the industry, Lubin is brimming with optimism. He still espouses the original gospel of Ethereum, which celebrates decentralized software projects and views blockchains as a vehicle for a new political and social order beyond the reach of Big Tech. In our recent chat, he told me he’s untroubled by the fallout from FTX, which wiped out the likes of Voyager, Celsius, and other centralized crypto services.
“I don’t consider them real crypto companies. They co-opted our messaging to cheat naive consumers,” says Lubin, suggesting the troubles of the past nine months amounted in part to a healthy cleansing.
He added that the demise of the centralized services has helped true crypto companies focus and rebuild, paving the way for “our broadband moment”—an analogy for when widespread fiber build-outs helped millions of consumers appreciate the benefits of the internet. To this end, ConsenSys is rebranding—replete with bright new colors—with the goal of expanding its services beyond a select group of developers and end users. Lubin says the new focus will be on making crypto tools ever easier to use and empowering people of all stripes to participate in building a new version of the web, based around people, not data-gobbling monopolies.
A lot of what Lubin had to say echoes the theories put forth by venture capitalist and Web3 evangelist Chris Dixon prior to crypto’s massive downturn. I’m not sure how much of this I buy—especially since governments and old-line tech companies seem as powerful as ever, and as much of the public has soured on crypto. For now, it might be more prudent for the crypto industry to focus less on Web3 utopias and more on ensuring that people stop getting robbed.
That said, Lubin made a strong case that crypto is on the cusp of a new breakthrough to follow the sudden rise of DeFi and then of NFTs. He says the area to watch right now is wallets, especially as companies like Coinbase start building “wallet as a service” tools intended to make it easier for firms of any kind to integrate crypto into their operations. This doesn’t feel far-fetched given how giant brands like Starbucks, Nike, and Reddit are also quietly using crypto and NFTs behind the scenes.
In the broader picture, though, Lubin’s sunny vision feels far-fetched in many regards, but if even a portion of it is true, then the crypto industry is indeed poised for another big leap forward.
A quick programming note: There will be no newsletter Monday or Tuesday given the July Fourth holiday. So have a safe and happy Independence Day, and to those of you north of the border, happy Canada Day. Go enjoy some hot dogs.
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
DECENTRALIZED NEWS
Bitcoin has been trading in a narrow range of $1,500 since hitting a 52-week high of $31,400 a week ago, a sign of ongoing strength, analysts say. (Bloomberg)
Israel announced a first-of-its-kind operation, aided by Chainalysis and Binance, that broke up a crypto network supporting Hezbollah. (Fortune)
The crypto orb device Worldcoin is integrating with Okta, a corporate identity management service used by hundreds of millions. (CoinDesk)
In the latest setback for Binance in Europe, its banking partner Paysafe says it will no longer process crypto-to-euro transfers for the company. (Pymnts)
Fidelity filed a new application to launch a Bitcoin ETF, months after the SEC rejected an earlier bid by the giant asset manager. (Fortune)
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