Circle CEO: Internet will look like “cute experiment” compared to crypto

Cryptocurrency will eclipse technological advancements such as the internet, Circle CEO Jeremy Allaire has claimed.

Speaking with CNBC, Allaire expanded on his recent comments by saying: “If people can exchange value over the internet without a toll extracted for payments it’s pretty dramatic. It’ll make the web look like a cute experiment comparatively speaking in 10 to 15 years.”

The Goldman Sachs-backed startup recently announced its acquisition of equity crowdfunding platform SeedInvest, which will form part of its wider blockchain efforts.

In the same interview, Allaire spoke about the “tokenisation of everything”, as he forsees blockchain technology overtaking the financial world within the next few years.

“It was an incredible experiment in crowdfunding, and tokens and smart contracts as a new capital formation model,” he added on the ICO boom. “The growth in ICOs were really a pivotal moment for this concept of how can businesses issue digital investment contracts directly over the internet, from all around the world.

“The SEC basically said, yes, this is legitimate, this is a new form of capital formation, but you’ve got to follow the rules. At the end of the day, you know, the ideas, the technology and the regulators have just got to meet in the middle.”

Circle also acquired crypto exchange Poloniex and launched its dollar-backed stable coin. The company recently raised $110 million in its May private fundraising round.