One of the leading cryptocurrency exchange platforms, AAX recently announced the launch of AAX Impact Lab, focusing on fostering innovation in the crypto and blockchain sector. To understand more about their mission, NewsBTC caught up with Timothy Wong — Head of Impact Lab and asked him a few questions.
Q: Can you please tell us more about the AAX Impact Lab? How is it going to benefit the community?
Impact Lab is a research-partnership team within AAX dedicated to exploring and sharing the new ways digital assets are changing the world for the better. We hope to foster meaningful crypto adoption by highlighting the important social and environmental issues that this technology solves.
Q: Please elaborate on your role in the AAX Impact Lab initiative
I’m currently the Head of Impact Lab for AAX, leading the research and development team to bring impact investing and sustainability awareness to the digital asset space through partnerships and collaborations with brands across the industry.
Q: Please shed some light on the reports created by the AAX Impact Lab. What are the different focus verticals in the crypto segment and the analysis methods implemented?
Impact Lab reports are organized by themes to systematically delve into every industry that crypto is disrupting. The first three research reports, for example, will be investigating the different use-cases of NFTs – Impact/ philanthropic NFTs, profile-picture NFT communities, and Music NFTs – and the key humanitarian issues they solve. The following set of reports will be about web3 digital identities, including Soulbound tokens, decentralized social media, and the open metaverse. As many of the concepts in web3 are still new and experimental, Impact Lab’s reports are consequently more explorative than analytical in nature.
Q: How do you think these reports will impact innovation in the crypto industry?
Like any other technological innovation, a substantial understanding of the existing industry pain points is imperative to driving awareness and utility demand. This is why Impact Lab’s reports take a special effort in clarifying misunderstandings/articulating systemic inefficiencies before going into the new industry applications with crypto. We believe that by getting to the root of problems, articulating them in a relatable voice, and showcasing concrete use-case advantages, we are able to offer readers an engaging initiation into web3.
Q: It will be great if you can provide more…
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