the insider

Drofa Comms Monthly Roundup – March 2023

Spring has sprung and so has the crypto and fintech world! As the first month of the season comes to a close, it’s time to take a closer look at the exciting happenings in the industry. 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 cryptocurrency and fintech.

It’s safe to say that a series of bank failures was the month’s biggest and most shocking event. Starting with the Silvergate saga, the big bank bang continued with the failure of Silicon Valley Bank, Signature Bank and even Credit Suisse — who later got acquired by UBS, Switzerland’s largest bank, for $3.2 billion in a deal struck with the government to avoid the local economy from collapsing. 

On the more positive side, it seems like this bank collapse has turned many investors to cryptocurrencies. Serving as a bullish catalyst, the combined digital asset market capitalization has been up by 12.5% at $1.19 trillion between March 1 and 29. During this period, the majority of top coins recorded significant gains. In the meantime, governments and large financial players worldwide are continuously progressing with the development of central bank digital currencies (CBDCs). This month, while Swift moved into its CBCD pilot’s second phase with 18 commercial and central banks, the Reserve Bank of Australia announced its collaboration with major financial institutions to test its CBDC solution in the coming months.

Of course, it is impossible not to mention AI breakthroughs. More and more financial players are starting to realise the technology to enhance their ecosystems — fintech startup Stripe, Morgan Stanley, Goldman Sachs, Microsoft are among them. However, not everyone shares the excitement. To find out more, read our March digest below!

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