By
Mayowa Adebajo
April 5th, 2024
EOS, a software introducing a blockchain architecture designed to enable all-round scaling of DApps, welcomes starry members to its team, once again showing the Wall Street that cryptos are here to stay.
Being a trailblazer in the world of cryptocurrencies, EOS promises lofty ideals with potential to disrupt both the technology and financial industries. Many blockchain enthusiast refer to EOS as the Ethereum killer, and there is a good reason for this.
EOS claims to have the most powerful infrastructure for building decentralized applications (DAPPs). The company aims to eliminate transaction fees, while being scalable enough to support thousands of commercial DApps, and flexible enough to enable freezing and fixing of broken applications.
Most interesting, however, is that EOS is not yet a full-fledged coin or token, as it goes through the last stage of its ICO.
This article examines some of the latest developments in EOS with a view to making conclusions on the potential effect of such developments on EOS coin performance.
A Top Wall Street Banker Joins the EOS Team
One of the major reasons behind the success of EOS is that investors believe in the ability of its founding team to execute their lofty ideals. Dan Larimer, CTO at Block.One is a visionary programmer, who gave the cryptocurrency industry Steem, Bitshares, Delegated Proof of Stake Algorithm and Graphene Technology. CEO Brendan Blumer, is a celebrated tech entrepreneur. He founded ii5, okay.com, and, eventually, GameCliff being a 15-year old wonder-kid.
One of the most exciting developments on EOS is that, the CFO of Commonwealth Bank, Rob Jesudason has resigned from his position in the bank to join EOS, as was previously reported by Coinspeaker. A statement from CBA noted that his resignation was effective immediately as he goes on to “pursue an external role in Hong Kong”.
A couple of hours later, Block.one, the company behind EOS, noted that Jesudason will join as group president and chief operating officer. However, Jesudason won’t likely take up his role until much “later in the year following his notice period”.
In this regard, EOS CEO, Brendan Blumer notes:
“Rob has a proven track record of success in global financial services, where he has been involved in industry innovation and facilitated regulatory advancement enabling the adoption of new technologies. His alignment with our organizational priorities of creating compliant, high-performance blockchain solutions, is an ideal fit for Block.one”
Jesudason, who has previously worked at Credit Suisse, IFS, Barclays, McKinsey, GE Capital, and JPMorgan before joining CBA, brings new skill sets, industry experience, and contacts to Block.one. According to Jesudason “the market’s strong response to Block.one’s approach has resulted in it being one of the fastest growing organizations in the world, and this will inform our operational growth strategies going forward”.
Wall Street is Paying More Attention to Crypto
When cryptocurrencies debuted with Bitcoin, Wall Street was quick to denounce it a scam, fraud, and bubble among other things. However, decisions of some people, such as Rob Jesudason to quit traditional financial institutions to join cryptocurrency projects, suggests that cryptocurrency might be the undeniable future of money.
Mike Novagratz, a veteran Wall Street investment banker and ex-partner at Goldman Sachs is another Wall Street expert placing huge bets on cryptocurrencies. In a recent interview with CNN Money, Novagratz stated that “it’s almost essential for every investor to have at least 1% to 2% of their portfolio” he went ahead to note that “it would be almost irresponsible” not to invest in cryptocurrencies.
He also observes that beyond the thrill of profits, that can be made on cryptocurrency trading, investors will do well to review blockchain technology because “these technologies in two to four years are going to give every vertical a challenge.”