Efforts by the blockchain industry will accelerate the development of the existing foundries, according to Thomas Hu, CEO of blockchain technology developer Kyber Capital.

Hu pointed out at a conference on December 19 that many cryptocurrency miners are investing heavily to acquire products manufactured using the most advanced process and their demand is also part of the reason for foundries such as Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung Electronics to advance manufacturing process.

For 2020, Hu believes the important task for blockchain startups is to accelerate their paces in commercialization instead of seeking higher values or more innovations.

At the event, CoolBitX CEO Micheal Ou believes the development of cryptocurrency requires a market to become more open, and government monitoring may not necessarily be negative as it can give investors more confidence and protection.

Kyber Capital CEO Thomas Hu