Has crypto become a dirty word to big-name companies touting Web3 and NFT initiatives? After a year of crypto scandals and enormous investment losses, it appears much more work is needed for crypto to reach mainstream adoption.
) initiatives, a sure-fire way to generate buzz was to yell about your crypto bona fides.
“There's a general desire by companies to distance themselves from the crypto bubble of the last couple years,” D.A. Davidson analyst Chris Brendler said. “It makes it easier when you're dealing with more traditional-finance institutions.”The crypto name issue is particularly acute for crypto miners because they need lots of capital and thus must appeal to outside investors. Some of them have ditched “blockchain” from their names. For instance, last week, Riot Blockchain Inc.
. “The company’s refreshed name more accurately reflects its mission, services and broader business offerings to serve customers that require large amounts of computing power for applications,” it said in a statement. Its stock plummeted 92% last year. “The words cryptocurrency and smart contracts have set the industry back a fair bit,” Kanav Kariya, Jump Crypto’s president,. “How do we coalesce around new terms that explain to folks that most tokens aren't intended to be currencies and that on-chain programs/apps aren't intended to be legal contracts?”
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