The easy-money era in crypto is drawing to a close, according to Ryan Kirkley, CEO of Global Settlement Network. He says inflated valuations and weak business models are behind the wave of failures hitting the sector. It's a blunt assessment from a payments executive watching the industry recalibrate after years of breakneck growth.
A reckoning for crypto
Kirkley's warning lands as the industry works through a painful adjustment. Projects that raised billions during the boom are now struggling to justify their existence. The shakeout, he argues, isn't a blip — it's the inevitable result of an ecosystem built on hype rather than fundamentals. For every project that delivers real utility, there are many more that were never built to survive a downturn.
Inflated valuations
For much of the past cycle, valuations were set by speculative fervor, not actual adoption. Tokens and startups alike were priced for perfection, with little regard for revenue or real-world use. Kirkley's point is simple: when the music stops, the numbers have to make sense. Many don't. The disconnect between what projects claimed to be worth and what they actually generate has become impossible to ignore.
Weak business models
Beyond the price charts, the underlying businesses have shown their fragility. Many crypto companies operate on thin margins, dependent on trading volume or promotional token prices. Once the easy money dries up, these models expose themselves. Kirkley sees this as a natural correction, clearing out the projects that never had a sustainable path. The ones that survive, he suggests, will be those that can point to actual usage and real revenue, not just promises.
What the shakeout means
The shakeout isn't over. Kirkley's comments suggest the sector is still in the middle of a cleansing process, with more failures likely as investors demand real value. The question now is which projects can pivot to genuine utility — and which will quietly fade. For now, the industry is watching to see how deep the correction goes, and whether the survivors can rebuild on firmer ground.
