Companies show interest in Web3, despite US regulatory challenges

Consensus, the annual crypto and blockchain conference, attracted over 15,000 attendees, 220 sponsors and 410 speakers for its 2023 edition in Austin, Texas, despite recent regulatory battles surrounding cryptocurrency use in the US.

The attendance at Consensus 2023 showed that US-based companies and international organizations are still very interested in implementing Web3 technology in their business models.

Caitlin Long, founder and CEO of Custodia Bank — a Wyoming-based digital asset bank — told Cointelegraph that the conference attracted serious ecosystem participants, saying, “We’ve seen crypto winters before where consensus is overrun with high-time people and companies. ( for example, several Lambos parked in front of the New York Hilton in 2018), and in bust years, people and businesses with low time preferences just keep building. This year was the last.”

Companies discuss Web3 strategies

Several major organizations were present at Consensus 2023, with Mastercard, Google, Robinhood and Coinbase among others gathering to discuss their Web3 strategies.

James Tromans, head of Web3 at Google Cloud, told Cointelegraph about some blockchain-based initiatives the company has recently launched.

“Late last year, Google announced the Cloud Blockchain Node Engine, which allows users and developers to run an Ethereum node without having to manage or support it themselves,” he said.

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At Consensus, the firm announced that it had extended support for the Blockchain Node Engine to Polygon proof-of-stake, in addition to Ethereum.

Tromans added that Google Cloud knows what Polygon has done in the zero-knowledge (ZK) space, noting that the Polygon ZK Ethereum Virtual Machines (zkEVM) and Polygon supernet will benefit from the offering of Google Cloud’s infrastructure and developer tools.

Additionally, Tromans pointed out that Google Cloud’s startup program will help onboard companies interested in building on Web3 using existing Google Cloud products. “Polygon is an important part of this initiative as they have made a $3 million contribution from their venture fund to get this off the ground with us,” he said.

Global financial services giant Mastercard announced its “Mastercard Crypto Credential” solution during Consensus. Raj Dhamodharan, head of crypto and blockchain at Mastercard, stated during a fireside discussion at Consensus that he is “excited about the underlying potential of blockchain technology” due to its ability to store and move value seamlessly.

However, Dhamodharan explained that “this potential is not fully realized today,” so Mastercard has started working on more products such as the Mastercard Crypto Credential.

“I believe that once you have the right building blocks necessary for security and simplicity, you can get more businesses to build and trust the fundamental utility of storing and moving value,” Dhamodharan said on stage.

Conversations continued at side events

While there were 10 dedicated stages for 285 panels during Consensus, many side events allowed important conversations to continue outside the conference.

For example, zero-knowledge proof (ZK proof) was widely discussed at Consensus, but in-depth conversations around ZK proof took place at the “ZK360” event hosted by Mina Protocol. Evan Shapiro, CEO of the Mina Foundation and co-founder of the Mina protocol, told Cointelegraph that the goal of ZK360 was for attendees to learn about the latest advances in ZK proof and how these can be applied in the real world. “Web3 needs both privacy and verified calculation. ZK proof provides both of these at a time when applications need these features to be more efficient, decentralized and scalable,” he said.

Other tier-1 blockchain networks such as Ripple and Algorand hosted side events, allowing Consensus participants to better understand specific blockchain offerings while collaborating with community members. These events also provided an opportunity for non-consensus participants to learn about important topics within the Web3 sector.

Lacks international presence

While attendance at Consensus 2023 was notable, some industry experts highlighted that the conference lacked an international presence.

Yat Siu, chairman of Animoca Brands – a venture capital firm focused on blockchain-based games – told Cointelegraph that regions in Asia such as Japan and Hong Kong offer a progressive and welcoming regulatory environment for crypto adoption. He noted that most people he spoke to at Consensus seemed surprised or even skeptical about this. He said:

“I believe that a greater presence of foreign participants would have helped Consensus participants better understand the scope of excitement and opportunities that exist outside the United States. I would like to see a stronger international presence at Consensus next year.”

Despite this, Siu said that overall, Consensus 2023 was a well-attended, high-energy conference. “I was surprised by the level of deal-making that took place, even though the narrative was that the US was negative to crypto,” he said.

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Echoing Siu was Keith Grossman, president of enterprise at MoonPay. He told Cointelegraph that he was impressed to see so many executives from some of the biggest companies present at Consensus. “Agreements were discussed, and I think we will look back at Consensus 2023 and recognize that it represented a maturing of the industry in terms of how Web3 technologies can be deployed in a meaningful way for enterprises and their customers.”