Financial technology is a hot topic in finance, with the rise of cryptocurrencies and blockchain creating uncertainty about their value and future. This quarter, LeBow’s School of Finance is offering a course on financial technology, which was in the planning stages for years. Michelle Lowry, the school’s Endowed Professor of Finance, is leading the course.
Students need to have a good understanding of the various aspects of financial technology so they can make informed decisions, according to Lowry. In the spring quarter, students who took the school’s finance courses learned more about financial technology than they did when asked what companies they knew. One-third of the students said they didn’t know anything about financial technology.
The course started with a discussion about blockchain and how it’s built on the principles of financial technology. Chris Carroll, an associate professor of information science at Drexel University, then led the class in laying out the various applications of financial technology.
According to Lowry, the rapid emergence and evolution of financial technology have made it clear that fundamental technology will remain relevant in the future. For the first lessons in the course, Lowry enlisted the help of Edwin Handschuh, the CEO of 1Konto, a startup that focuses on cryptocurrency exchange apps like OKX.
He became interested in cryptocurrencies after the price of Bitcoin broke $5,000 in 2017. Due to its price movement, he thought it was a natural fit for a broker-dealer. He noted that it’s also easier to trade in a broker-dealer than it is in a traditional financial institution.
During his time at Drexel University, he saw the world change dramatically due to the emergence and evolution of new technologies. As a result, he said the students had to learn about what was happening in the world around them even though they didn’t know what was going to happen next.
Ayush Agrawal, a senior who studies finance and business analytics, was one of the students who had previously dabbled in cryptocurrencies. He also participated in a co-op program that involved working with a hedge fund. He liked the course because it provided the students with an opportunity to get a deeper understanding of blockchain.
Another highlight of the course was the interaction between the students and the professor. As part of the course, the students were asked to look back and reflect on their previous purchases and sales of Bitcoin. They were asked to predict the price of Bitcoin at the end of 2019. According to Handschuh, blockchain technology will eventually become the underlying technology for everything that’s happening in the information technology industry.
What is Crypto?
Unlike traditional money, which is typically stored in a bank account, cryptocurrencies are digital payments that can be sent and received anywhere. Instead of being stored in a physical wallet, these digital payments are stored in a public ledger. The term cryptocurrencies came from the idea that they use encryption to ensure that transactions are secure. This is done through advanced coding that involves transferring data between various platforms.
You can learn more about how different cryptos — like Bitcoin, Ethereum, Litecoin and others — are doing. Just check and monitor prices at the Okx Cryptocurrency Exchange Android App. You can also invest in your choice of cryptocurrency at the exchange.