Consensus 2023: Companies express interest in Web3 amid regulatory hurdles in the US.

Consensus, the yearly conference focused on crypto and blockchain, drew more than 15,000 participants, 220 sponsors, and 410 speakers to its 2023 gathering in Austin, Texas, despite ongoing regulatory challenges regarding cryptocurrency adoption in the United States.

The attendance at Consensus 2023 illustrated that both U.S.-based firms and global organizations remain keen on integrating Web3 technology into their operational frameworks.

Caitlin Long, founder and CEO of Custodia Bank — a digital asset bank located in Wyoming — informed Cointelegraph that the event attracted significant ecosystem contributors, stating, “We’ve seen during crypto winters before where Consensus gets overrun with high time preference people and companies (for example, multiple Lambo’s parked out front of the New York Hilton in 2018), and in bust years the low-time preference people and companies just keep building. This year was the latter.”

ADIOS AUSTIN! This was my fave #Consensus conf since 2017—by my guess it had the highest % in attendance of fellow “low-time preference peeps on principled missions” since that year. Huge thanks to everyone who showed your support—it was like a great big warm hug! Safe home! pic.twitter.com/NOPmU03VAV

— Caitlin Long ⚡️ (@CaitlinLong_) April 29, 2023

Businesses discuss Web3 strategies

Numerous major corporations participated in Consensus 2023, including Mastercard, Google, Robinhood, and Coinbase, convening to explore their Web3 strategies.

James Tromans, head of Web3 at Google Cloud, shared with Cointelegraph some blockchain-related initiatives the company has recently introduced.

“At the end of last year, Google Cloud announced Blockchain Node Engine, which allows users and developers to run an Ethereum node without having to manage or support it themselves,” he stated.

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During Consensus, the firm revealed that it had broadened support for the Blockchain Node Engine to include Polygon proof-of-stake, in addition to Ethereum.

Tromans noted that Google Cloud is aware of Polygon’s advancements in the zero-knowledge (ZK) domain, mentioning that Polygon ZK Ethereum virtual machines (zkEVM) and Polygon supernets will benefit from Google Cloud’s infrastructure and developer tools.

Additionally, Tromans emphasized that Google Cloud’s startup program will assist companies interested in developing on Web3 using existing Google Cloud offerings. “Polygon is a crucial part of this initiative, as they have provided a $3 million contribution from their venture fund to get this off the ground with us,” he remarked.

Global financial services leader Mastercard unveiled its “Mastercard Crypto Credential” solution at Consensus. Raj Dhamodharan, head of crypto and blockchain at Mastercard, expressed during a fireside chat at Consensus that he is “excited about the underlying potential of blockchain technology” due to its capacity to store and transfer value effortlessly.

However, Dhamodharan clarified that “this potential is not fully realized today,” prompting Mastercard to develop several products like Mastercard Crypto Credential.

“I believe that once you have the right building blocks necessary for safety and simplicity, you can have more businesses building and relying on the basic utility of storing and moving value,” Dhamodharan stated on stage.

Conversations continued at side events

While there were 10 dedicated stages for 285 panels during Consensus, numerous side events facilitated important discussions beyond the main conference.

For instance, zero-knowledge proofs (ZK-proofs) were extensively discussed at Consensus, but detailed conversations regarding ZK-proofs occurred at the “ZK360” event organized by Mina Protocol. Evan Shapiro, CEO of the Mina Foundation and co-founder of the Mina Protocol, informed Cointelegraph that the aim of ZK360 was for attendees to gain insights into the latest developments in ZK-proofs and their real-world applications. “Web3 needs both privacy and verified computation. ZK-proofs provide both of those at a time when applications are needing these features to be more effective, decentralized and scalable,” he stated.

Evan Shapiro, CEO of the Mina Foundation, spoke about ZK-proofs at the ZK360 side event. Source: Mina Foundation

Other layer-1 blockchain networks such as Ripple and Algorand hosted side events, enabling Consensus attendees to gain a deeper understanding of specific blockchain offerings while networking with community members. These events also provided an opportunity for non-Consensus attendees to learn about significant topics within the Web3 sector.

Lacking an international presence

Although the turnout at Consensus 2023 was impressive, some industry experts pointed out that the conference lacked an international presence.

Yat Siu, chairman of Animoca Brands — a venture capital firm focused on blockchain-based gaming — told Cointelegraph that regions in Asia like Japan and Hong Kong are fostering a progressive and welcoming regulatory environment for crypto adoption. He observed that many individuals he spoke with at Consensus appeared surprised or even doubtful about this. He remarked:

“I think that a larger presence of overseas participants would have helped allow Consensus participants to better understand the scope of excitement and opportunity that exists outside of the United States. I would love to see a stronger international presence at Consensus next year.”

Despite this, Siu noted that Consensus 2023 was a well-attended, high-energy event overall. “I was surprised at the level of deal-making activity that was taking place, even if the narrative was that the U.S. was negative on crypto,” he stated.

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Supporting Siu’s perspective, Keith Grossman, president of enterprise at MoonPay, conveyed to Cointelegraph that he was impressed by the presence of numerous executives from some of the largest companies at Consensus. “Deals were being discussed, and I believe we will look back at Consensus 2023 recognizing it represented a maturation in the industry as it relates to how Web3 technologies can be deployed in a meaningful manner for businesses and their customers.”