Norman Wooding is an inspiring example of success in the European finance industry. At just 28-years-old, Wooding got his start four years ago in the crypto trading space, despite the lack of trust from regulated counterparties, lack of standardization of processes and compliance, and small trading universe. Since then, he and his business partner, Sylvan Martin, have been able to make strides in the industry, founding SCRYPT in 2019 and processing billions in volume with hundreds of thousands of transactions daily. To top it off, both Wooding and Martin were recognized by Forbes as Europe’s most successful finance entrepreneurs under the age of 30 in 2023.
Wooding’s insights into the evolution of the cryptocurrency markets are invaluable. Even in the past year, the competitive landscape has shifted drastically. Before, it was an unruly “Wild West” with many businesses competing on PR, fluff, marketing and buzz. Now, the competitive landscape is based on qualities such as the quality of service and trust of counterparty. Though this shift has been due to the entrance of prominent TradFi players such as BlackRock, Julius Baer, JPMorgan, BNY Mellon, State Street, and Fidelity among many others, the industry has taken a few steps back with the fall of two crypto-friendly US banks, Silvergate and Signature bank.
Not everyone is gripped by fear. Wooding explains how institutional clients remain interested in digital currencies, even after these tragedies, though regulation and trust of the counterparties remain key. In addition, the CEO of SCRYPT believes that self-custody solutions can help protect investments and ownership of assets, allowing individuals to stay in control of their money.
SCRYPT has been at the forefront of the decentralized finance (DeFi) revolution, providing tools and services to clients that not only partner with prominent cryptocurrency institutions, but also offer solutions to the underlying blockchain technology. Now, Wooding is looking towards the future, hoping that the industry can return to competency, content, and substance rather than hype on marketing, and that the market can move away from a center-periphery model so that true innovation can take place.
With the incredible success of SCRYPT and Wooding, it is evident that the crypto landscape is rapidly changing, and it seems that Investors and crypto enthusiasts alike should be prepared for what the future holds.
