NFTs and decentralised identities are a reflection of the kind of use cases crypto-based technologies will offer in the future
Jeremy Welch, the Chief Product Officer at Kraken explained that while millennials are known to show greater interest in cryptocurrencies, the industry is developing use cases to attract gen x, gen z and even baby boomers.
In an interview published earlier today, Welch pointed out that the enthusiasm regarding blockchain, crypto and associated technologies is seen both across age groups and across different backgrounds in over 170 countries.
The executive stated that there is widespread excitement not only about cryptocurrencies like Bitcoin, Dogecoin and Shiba Inu but also for emerging opportunities like NFTs and staking. These upcoming use cases will further drive adoption, Welch believed.
“It's one thing to hold your wealth in crypto it's another thing to be able to actually use it in any kind of practical way,” the CPO said.
The comments regarding the growing interest in staking comes amid Kraken’s acquisition of Staked, a blockchain infrastructure platform that allows non-custodial crypto staking. When asked to comment on the importance of the acquisition, Welch explained that staking is part of the consensus mechanism proof of stake and allows users to support a network while earning rewards.
The executive also stated that Kraken had seen tremendous growth and excitement around staking with a 900% growth in assets staking among its customers. He added that staking presented opportunities for product development going ahead.
Responding to questions on the broader progress of the industry, Welch stated that a decade into the Bitcoin era there should no longer be any doubt that crypto is here to stay:
“The technology is not going away and will continue to grow its use cases. We are seeing things like NFTs, art and new developments around decentralised identity and can expect to see many more such use cases in the years to come.”