Facebook has announced a new currency, institutions are investing in cryptocurrencies, bitcoin futures can now be settled for physical delivery, and central bankers are mulling digital currencies. "Crypto" seems to be becoming mainstream, no longer a fringe idea struggling in a regulatory netherworld. How this development occurred and the opportunities it presents for issuers and investors is a topic for lively discussion. A pressing issue is whether crypto is primarily going to be an investible asset as a substitute for gold, or will it help solve the problem—largely intractable to date—of financial inclusion by revolutionizing global payments and other financial services. Cutting-edge developments in the crypto ecosystem have long-reaching implications for the financial future.