Robby Yung, chief executive officer of metaverse ecosystem developer Animoca Brands, seemed to suggest that despite the recent attempts to debank crypto and protests on the streets of Paris, confidence in the space was undettered.
Speaking to Cointelegraph on March 22 at Paris Blockchain Week, Yung said the local government had provided a “warm embrace” for crypto and blockchain enthusiasts amid many overflowing trash bins, protests, and burnt-out vehicles. France’s capital city has seen massive protests since the government pushed through a bill without a vote in the legislature which would raise the national retirement age from 62 to 64 years old.
“I see no shortage of passion in the Parisian people,” said Yung in reference to both Web3 and the protests.
Fires burned on the streets of Paris and police fired tear gas to disperse protests after the French gov’t forced its controversial pension reforms through parliament without a vote ⤵️ pic.twitter.com/FHhFntgP9Z
— Al Jazeera English (@AJEnglish) March 17, 2023
The Animoca Brands CEO added that there were similarities between the 2008 financial crisis and the recent failures of crypto-friendly institutions including Silicon Valley Bank and Signature:
“All of that stuff happening out there is why we’re here to begin with […] The reason that we decided that decentralization was a better way to do things was precisely because of our concern as to what might happen in the financial sector, which continues to be borne out.”
Some of the speakers at the Paris event have highlighted some regulators’ attempts to debank the services of crypto firms and address the 2022 market crash. In addition, brands with name recognition including Gucci were represented at the conference in what Yung called a positive sign for adoption.
“As the Web3 community, we need to embrace everybody, and to have these big multinational corporations, these major household name brands involved, is a fantastic seal of approval that we’re on to something here,” said the Animoca Brands CEO. “Brands themselves have power: they resonate with consumers, whether it’s gaming brands or handbag and luxury watch brands.”
Paris Blockchain Week will be running from March 20-24 and feature a variety of speakers from the Web3 and crypto and blockchain space. Cointelegraph team members and staff will be reporting live on the ground to bring readers the latest developments at the event.