Cathie Wood, the CEO of investment management first Ark Invest, thinks the digital wallet industry is set to consolidate. Amid a decline in traditional banking services, whoever monopolizes the wallet market stands to wield significant power in the financial sector, she says.
In conversation with Coinbase’s CEO Brian Armstrong at the company’s State of Crypto Summit on Thursday, Wood argued that there is a new generation of consumers who want a digital wallet to be their one-stop-shop for all online payments. Citing the absence of traditional banks in the digital wallet space, "this truly is a winner-take-most opportunity," she said.
