Why Crypto Apps Are Struggling: Expert Says Operational Hurdles, Not Just Regulation, Are To Blame

As the digital assets space continues to evolve, many have noted the gap between investment in crypto and the widespread adoption of consumer-facing applications. Anthony Moro, CEO of Provenance Blockchain Labs, provided his perspective on these challenges ahead of his appearance at the Benzinga Future of Digital Assets Conference.

Crypto Adoption: Overcoming Business and Operational Hurdles

Moro highlighted several obstacles when asked why crypto applications have not seen the adoption levels many initially expected. "Historically, there's usually been some trepidation from more conservative businesses regarding regulation and investor protections in crypto, [but] that's not there as much anymore. The obstacle is now more of a business and operational one," Moro said.

He pointed out that companies must align on which areas are most ready for blockchain disruption. "For instance, highly intermediated financial sectors, such as consumer lending and the securitization of loan portfolios (such as mortgages), were obvious areas—and both have flourished on the Provenance Blockchain," he said. Moro emphasized that some sectors, like insurance tokenization, have been slower to adopt but ultimately see clear benefits once they do.

Success in Tokenizing Insurance

One notable example Moro highlighted was Provenance Blockchain's collaboration with Infineo, a company that brought life insurance policies onto the blockchain. "ProvLabs recently helped incubate a company called Infineo to tokenize life insurance policies—that was a first of its kind," Moro said. He added that with over $190 million minted on-chain by September, it has been a noteworthy success in showcasing the practical benefits of blockchain.

The Knowledge Gap In Blockchain Adoption

Another major hurdle, according to Moro, is the need for companies to acquire knowledge and expertise in blockchain technology. “There's a lot of education and knowledge acquisition that goes into transitioning a business function to a blockchain—especially if it’s a prominent and legacy part of the business,” he said. Many companies are not yet equipped or budgeted to handle this transition, so ProvLabs provides solutions.

"We take the burden off their shoulders with SaaS solutions that their web 2.0 applications can plug right into," Moro said, explaining how his company helps traditional businesses bridge the gap to blockchain integration.

Join industry leaders like Anthony Moro at the Benzinga Future of Digital Assets conference to hear more about the future of digital assets and the challenges shaping the industry.

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