the insider

Drofa Comms Monthly Roundup – April 2023

April has come to an end, and the time is ripe to sum it up. From the world-shocking bankruptcy to cutting-edge innovations, here are some of the hottest topics that have been making waves in the world of TradFi, FinTech and crypto. 

We remembered March by the devastating US banking crisis — well, this doesn’t seem to come to an end soon. The stocks of First Republic Bank are down by 95% since March 8 as the financial institution is struggling to close a private sector deal coordinated by United States officials that could rescue it from a potential collapse. Talking more in general, the world economy has quite a gloomy forecast. In April, the IMF published its growth expectations for the global economy — frankly speaking, the outlook is not really positive. In fact, with an expected global growth of approximately 3%, it is the weakest medium-term forecast the International Monetary Fund has reported since 1990.

What about crypto? Well, things were quite shaky here as well. In the last few months, the US SEC took action against multiple major crypto players, including Gemini, Bittrex, and the bankrupt digital asset lender Genesis. Now, in a surprising reversal of roles, US-based cryptocurrency exchange Coinbase is suing the SEC. Coinbase is even setting sights on the UK crypto hub, as regulatory uncertainty looms at its home in the US. 

Talking about innovation, the ongoing AI and ML race, have also not been going completely smoothly. A sudden advancement in a nascent technology with the potential to replace the equivalent of hundreds million jobs in the future has become a concern for industry participants and regulators in the EU. This has resulted in an newly proposed bill that aims to decrease the risks of the progressive technology. However, not everyone agrees on it. To find out more, read our April digest below!

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