CRYPTO INSIDER: The CEO of $20 billion data company thinks blockchain 'has potential to be transformative'
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The CEO of $20 billion data giant IHS Markit thinks blockchain technology, the tech behind cryptos like bitcoin, has the potential to be transformational in finance.
Lance Uggla told Business Insider's Oscar Williams-Grut: "Technology moves in leaps and bounds. Storage and computer power has been a step change from when I set up Markit. A 2 megabyte line into a barn was a big deal in 2002. We have 100 megabytes into our house now.
"I think the technology with blockchain, it has potential to be transformative, one of those leaps and bounds technological changes."
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Here are the current crypto prices:
Bitcoin, the largest cryptocurrency by market capitalization, was trading lower during Friday's trade after reports that Binance, the world's largest cryptocurrency exchange, received a warning from Japanese regulators. Most cryptos were in the red:
What's happening:
- UK City Minister: There could be "a stable, flourishing cryptocurrency exchange in London" with the right regulation
- A top SEC regulator just ripped crypto exchanges for being amateurish
- The world's biggest crypto exchange is setting up shop in Malta
- College students are using financial aid money to invest in bitcoin
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