Merge Madrid 2025 offered a compelling glimpse into the future of finance, as European banks, crypto companies and regulators came together to discuss digital assets, real-world tokenisation and the next phase of Web3 integration. Held from 7 to 9 October across the historic Palacio de Santoña and Palacio de Cibeles, the event marked a clear shift from speculative debate to strategic collaboration.
Banks Move from “If” to “When” on Blockchain
The opening day, reserved for speakers and business delegates, featured industry leaders from Binance, Ripple and Banco de España. A key sentiment echoed throughout was the growing confidence of traditional financial institutions in blockchain.
“It was refreshing to hear banks not thinking about if they would enter blockchain, but when,” remarked Nolvia Serrano, chief innovation and strategy officer at TR Capital.
Ripple’s EU managing director, Cassie Craddock, reinforced this stance, expressing a desire to see greater use of stablecoins to streamline cross-border payments, a sign that established players are now exploring practical implementations.
A Uniquely European Dialogue
The following two days hosted simultaneous panels across three stages: the Binance Main Stage, CAM Builders Stage and Business Stage. While English dominated most discussions, Spanish sessions highlighted the strong involvement of European and Latin American firms.
Companies such as Bybit, BitGo and CryptoFinance, all navigating evolving regulatory landscapes, emphasised how compliance is becoming integral to Web3 growth. Although some purists question whether regulation aligns with original decentralised ideals, the event confirmed that many projects are adapting to frameworks that enable cooperation with legacy institutions.
Tokenisation Takes Centre Stage
Real-world asset tokenisation emerged as a defining theme. Panellists debated its potential in equity, fund management and infrastructure projects, particularly within Spain.
Alessandro Bergamaschi, Solidity developer at Javis Network, noted that the next stage of blockchain development will be dominated by real-world asset projects. He predicted a rise in tokenised stocks and funds, which could act as a gateway for traditional finance users entering Web3.
The focus shifted from theory to utility, with speakers exploring both opportunities and challenges, including legal clarity, investor protection and long-term adoption.
The Future of Custody in a Web3 World
Custody, one of the most critical yet unresolved issues in crypto, sparked thoughtful debate.
Eric Piscini, CEO at Hashgraph, addressed the balance between professional custodial services and individual self-custody. He argued that most people do not wish to bear full responsibility for safeguarding their assets indefinitely, making institutional custody not only practical but essential as the sector matures.
Luis Ayala, LatAm managing director at BitGo, posed a thought-provoking question: what happens to a person’s digital assets if something happens to them? Aliya, senior vice president at Sygnum Bank, added that many inheritance and ownership questions long answered in traditional finance remain unclear in Web3, underlining the need for robust frameworks.
Global Perception and Industry Impact
Beyond technical debates, Merge Madrid highlighted how digital asset adoption is reshaping national reputations.
TR Capital’s Nolvia Serrano reflected on El Salvador’s changing image due to its Bitcoin advocacy. “For the first time, El Salvador is on the map for something positive,” she said, describing the pride that comes from pioneering blockchain innovation.
Participants such as Lukas De Bebedetti, chief operating officer at Block Travel, emphasised the event’s business value. “It was productive because everyone here is interested in partnerships or building something,” he said, capturing Merge’s collaborative spirit.
A Transformative Moment for TradFi and Web3
Merge Madrid 2025 showcased a pivotal evolution: the convergence of regulated finance and decentralised technology. Rather than speculative hype, the conversations centred on infrastructure, compliance and investor trust.
With tokenisation, custody and regulatory clarity at the forefront, Europe appears poised to play a leading role in shaping a pragmatic, institution-ready Web3 ecosystem. The tone of the conference made one thing clear, the future of finance will not be a choice between old and new, but a fusion of both.
