CQG, a provider of trading, market data and technical analysis tools, in cooperation with NUTS Finance, a blockchain development company, launched Optio Research to develop trading solutions and decentralized crypto infrastructure for institutional-grade traders.
Kevin Derby and Benjamin Soong, the executives of CQG, along with Terry Lam and Daniel Tang, the Co-Founders of NUTS Finance, will lead the new company, according to the press release published on Thursday. Additionally, Ryan Moroney, the Chief Executive Officer at CQG, joins the Optio Research Board of Directors and will play a role of a strategic advisor.
"Through Optio, our partnership with CQG and collective experience in derivatives trading technology and Web3 development give us the opportunity to be market leaders in developing a range of solutions that will not only improve the current user experience but also act as a catalyst to accelerate adoption into this emerging asset class by traditional financial institutions," Lam said.
CQG, which provides solutions for brokers, traders and exchanges, sees growing potential in Web3 and blockchain technology as well as rising demand from institutional investors. Optio Research lab is an answer to its needs and wants to build a bridge between traditional finance (TradFi) and decentralized space (DeFi).
Web3 Can Grow to $33.53b Industry in Eight Years
In 2021, the global Web3 blockchain industry was worth 1.36 billion and is expected to rise annually by 44.9% from 2022 to 2030, according to Grand View Research. It means that the whole market will be worth more than $33.5 billion in eight years.
Web3 is expected to be the next era of web development, which prioritizes decentralization, the use of blockchain technology, and fewer restrictions. Web1, the first version of the Internet, was mainly read-only. Web2 further enabled writing and content creation, and Web3 goal is to reduce users' dependence on centralized platforms that impose strict rules and frameworks.
Although Web2 giants are not willing to move to Web3, apart from Facebook, which rebranded itself as a Meta, many new cryptocurrency projects are shaping the current Web3 ecosystem. Yuga Labs, the creator of the Bored Ape Yacht Club non-fungible token (NFT) collection, is one of the most prominent Web3 brands that were able to break into mainstream awareness.
Web3 is still a new, volatile and evolving space, which will not outshine Web2 in the foreseeable future. However, this does not change the fact we should carefully observe its further development.
