Decentralized financing platforms (DEFI) have a major advantage over costs compared to traditional banks with regard to the integration of new users, according to Anton Bukov, co-founder of the decentralized Exchange (DEX) 1inch.
Speaking in a panel during the Dutch blockchain week on May 22 in Amsterdam, Bukov said that traditional banks spend between $ 100 and $ 300 per user to check the documents and create accounts. Online banks, he said, spend about $ 20 at $ 30. On the other hand, Defi requires almost nothing beyond access for smartphone and internet.
“Integration into DEFI is literally zero,” said Bukov. “You don’t need brick and mortar infrastructure or long verification processes. Connect and just get transmitted. ”
Bukov said this gives DEFI an advantage over traditional financial institutions to reach 1.4 billion unknown people who remain excluded from traditional finances due to high integration expenses.
Reach 1.4 billion non -banished users
“This is why we have 1.4 billion people on the planet that are not banished. No one will invest these hundreds or dozens of dollars because they will never come back to them,” added Bukov.
Unlike traditional finance, which has high obstacles to entry, Bukov said that DEFI allows non -banished to be part of the world economy and engage in real transactions using stablescoins like Tether’s USDT (USDT).
With lower barriers to entry, DEFI becomes a tool for financial inclusion. Bukov has said that DEFI will continue to reach users who have never had access to traditional banks as Internet access is developing worldwide.
“You can simply get a phone, Internet access, and you can exchange your chicken for the USDT,” said Bukov, highlighting the ease with which DEFI allows you to participate in the global economy.
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DEFI provides access to global liquidity
In addition to financial inclusion, Bukov said that the real value of the crypto lies in how it gives access to global liquidity. The 1inch co-founder said that Crypto is evolving towards an independent economic zone, where hundreds of billions circulate through decentralized protocols.
“Crypto is not just about adopting stablecoins or building national digital currencies,” said Bukov. “It is an increasing global liquidity center.”
He said that this liquidity is dynamic and allows financial experimentation, return strategies and cross -border capital movement.
Bukov has added that countries aligning their regulations to allow easier access to this global liquidity can exploit economic opportunities and cooperation. “The more country there is negotiating with each other, the more they succeed. The crypto works in the same way,” he said.
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