The annual Consensus conference has drawn attention to the growing divide between traditional financial systems and the demands of 24/7 cryptocurrency trading.
Executives at the event pointed out that legacy markets were designed for human-paced, scheduled trading, but are struggling to keep up with machine-driven activity. As a result, settlement infrastructure is showing signs of strain, particularly in clearing systems that process trades in batch cycles tied to market hours.
The consensus among attendees was that tokenized settlement represents the most credible path forward, allowing trades to settle continuously on blockchain rails rather than queuing in legacy batch cycles. This approach has already gained traction with regulatory developments, such as Nasdaq's approval for tokenized stock trading and the Federal Reserve's guidance on capital treatment.
The deal announced by Bullish to acquire transfer agent Equiniti also marks a significant step towards addressing the infrastructure gap, positioning the company as a global transfer agent for tokenized securities. As the market continues to evolve, it remains to be seen whether legacy systems can adapt to meet the demands of 24/7 crypto trading.