Plug and Play Tech Center celebrated its inaugural batch of FinTech startups, including a new bitcoin exchange from payment processor Netopia, at an event in the heart of Silicon Valley yesterday.
“The big doomsday we’re seeing now is death by a thousand cuts,” said Plug and Play FinTech director Scott Robinson as he opened the afternoon session of the FinTech Retail Expo at its Sunnyvale location.
His introduction made clear his belief that the financial industry is, due to unavoidable factors, on a collision course with technological innovation. This includes, most importantly, the millennial generation’s desire for alternative financial products.
The director went on to forecast a future in which a new generation of startups will chip away at traditional financial revenue streams slowly, but surely.
Robinson stated that he sees Silicon Valley taking the lead on this transition:
“You can teach engineers finance, but you can’t teach the finance industry technology.”
The role bitcoin and blockchain technologies will play in this larger narrative featured in five of the day’s 24 presentations.