Shojin Property Partners chief executive Jatin Ondhia has said that blockchain and open banking are set to become more important for the peer-to-peer lending sector, while cryptocurrency could be accepted for payments.
Speaking at the P2P Investing Summit, a virtual event hosted by Peer2Peer Finance News and AngelNews, he said that blockchain will eventually be used to underpin platforms but there isn’t a rush to do so just yet.
Similarly, he predicted that open banking will become more widespread in the sector, as long as consumers trust the website they share their data with.
Ondhia added that platforms may use crypto for payments without making it an integral part of their business.
“We don’t need to rush in and be pioneers, because the Financial Conduct Authority bundles this stuff together and when you mention crypto in an application it causes them to panic,” he said.
“And what if we accept bitcoin and immediately convert it into money, that’s more marketing and sales, not underlying fundamentals?”
Hari Ramamurthy, chief technology officer at Kuflink, who was also on the panel, has experience of mining bitcoin and said more education is needed on cryptocurrencies.
“Education is key,” he said.
“Retail investors can buy crypto and other investors that are pretty sophisticated investing in companies but don’t have an idea about crypto can.”