Fintech Professional Predicts Blockchain Wallets Disrupting Existing Financial Services Platforms

Mike Cagney, the executive board chairperson and the co-founder of Figure (NASDAQ:FIGR), has said that blockchain wallets are going to completely disrupt how existing financial services actually work. Cagney also mentioned that today, we have an account at a firm like SoFi. They offer clients access to crypto markets, securities markets, banking, loans – all via their native app.

Blockchain wallets are going to completely disrupt how financial services work.

Today, you have an account at a firm like SoFi. They provide you access to crypto markets, securities markets, banking, loans – all through their native app. It’s convenient, but you are captive to…

— Mike Cagney (@mcagney) November 9, 2025

Mikey Cagney of Figure acknowledged that this is convenient, however, you are still “captive” to their solutions, and they intermediate your access to these things “at your expense (e.g., as introducing broker to exchanges, etc.).”

Cagney added that he believes this paradigm will eventually begin to shift. According to his observations, clients will have a wallet and it will have the ability to attach to whatever cryptocurrency exchange, securities marketplace or DeFi (lending) protocol you prefer.

Cagney also thinks that clients may self-custody your assets, choose the best or most suitable venues and cut out all the so-called rent seeking intermediation.

He added:

“I believe SoFi, Robinhood and others lose their customers to wallets like Phantom, Metamask and Keplr. The single “super app” concept will lose out to wallet connect and DeFi.”

Although it might seem too early or even a bit premature to make such predictions, the financial services sector is gravitating towards more frictionless and faster services. In the fast-paced digital economy, consumers are looking for services that offer greater convenience and accessibility.

According to a report from Juniper Research, the number of digital wallet users will grow “35% over the next five years, reaching 6 billion users in 2030; up from 4.5 billion users in 2025.”

The report from Juniper Research also mentioned that the sum of users in 2030 represents more than “three quarters of the global population; emphasising the widespread acceptance which digital wallets is experiencing worldwide.”

The research report also stated that the inclusion of value-added features was identified “as pivotal to vendors differentiating themselves from competitors.”

In this saturated market, providing value-added features, such as BNPL, virtual cards, and digital identity, is key to “creating differentiation.”

The report continued:

“Digital wallet platforms must offer integrated flexibility of wallet types (stored value, staged, cryptocurrency, etc) and payment types (cards, A2A payments, etc) to best appeal to wallet providers, which are providing increasingly diverse offerings to users.”

The report pointed out that in established markets, particularly, benefits like cashback, reward points, and various offers tend to encourage adoption of “a specific wallet, whilst also benefitting the merchant through increased spending and lower transaction fees.”