No blockchain can be a ‘lonely island’ — Emurgo exec

An Emurgo executive believes Blockchain networks must embrace interoperability to thrive.

At India Blockchain Week 2024, Cointelegraph’s Arijit Sarkar spoke with Emurgo’s global head of business development, Amarpreet Singh, who highlighted the necessity of interconnected blockchain systems and stablecoins to drive widespread Web3 adoption.

Singh said that no matter what road a blockchain takes, it will point toward interoperability, adding that this would be what users would eventually require. He said: 

“We at Emurgo completely believe that all roads lead to interoperability. No single blockchain can be a lonely island.”

Singh explained that blockchain users should not need multiple wallets or exchanges to access different layer-1 networks. Instead, he said, they will demand seamless connections between networks.

Interoperability for the Cardano ecosystem

Singh emphasized that achieving interoperability is a top priority for Emurgo, particularly for the Cardano blockchain. The executive said that as Cardano is not an Ethereum Virtual Machine (EVM) chain — known for interoperability features — it was Emurgo’s job to answer how this ecosystem works with other ecosystems.

In a November blog post, Emurgo outlined the key benefits of interoperability, including improved liquidity, diversified user and asset bases, enhanced inter-blockchain communication, flexible payments and greater economic security.

Singh said that interoperability was one of Emurgo’s primary mandates, and the team collaborated with other companies and organizations to pursue the goal of interoperability. 

Singh said Emurgo has partnered with Web3 interoperability platform Axelar and smart contract operating system BitcoinOS to achieve the goal. 

Related: Tap-to-pay crypto coming to Coinbase Wallet, L2 interoperability in months

Importance of stablecoins for mass adoption

Addressing the role of stablecoins in Web3 adoption, Singh highlighted their potential to attract mainstream users by addressing concerns over volatility.

Singh explained that once an asset class matures, the next step would be for the masses to adopt the technology. However, the executive said this investor class “cannot stomach volatility,” leading to a demand for stablecoins. 

“If you give me a token which goes up and down, I’ll be like, ‘take me away from this.’ So, stablecoin is the way to go,” Singh added. 

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