Making Markets
William Quigley: Building the World’s Most Traded Cryptocurrency - [Web3 Breakdowns, Replay]
Oct 13, 2023
In this replayed episode, William Quigley, co-founder of an early consumer VC fund, discusses his career in VC and gaming, the potential of blockchain and crypto, the origin story of Tether and its role in arbitrage trading, trust and stablecoins in the crypto market, building Wax and virtual items, and the future of blockchain in augmented reality.
01:09:35
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Quick takeaways
- Tether was created to simplify the process of converting between fiat and cryptocurrencies, providing a stable value token that can easily switch between the two.
- Blockchain technology ensures the authenticity and transparency of Tether, allowing users to send value without needing to trust intermediaries.
Deep dives
Origin Story of Tether
Tether was founded to address the inconvenience and time-consuming process of converting between fiat and cryptocurrencies. The team wanted to create a token that maintained a stable value with the dollar, allowing users to easily switch between cryptocurrencies and fiat. This led to the concept of tether, a token that represents a one-to-one value with a fiat currency, redeemable for that currency. The simplicity and ease of understanding the tether concept made it appealing to users. While it faced initial skepticism and took time to explain, tether has maintained its value and grown globally.
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