“Simply put, DeFi (decentralized finance) is an emerging industry that is revolutionizing the traditional finance sector”— Paul Ebeling
The need for an open, transparent, and secure financial system is the Key driver behind the decentralized finance Vs. traditional finance debate, so it does not come as a surprise that decentralized finance has emerged as an alternative to today’s financial system.
DeFi is a blockchain-based concept has disrupted traditional finance because of its ability to be a financial tool that is outside of government and regulatory control.
The creation of completely decentralized and independent financial systems has gather pace because of the growing calls for data and privacy security.
DeFi is an open financial sector that runs on software built on Top of a public blockchain. It involves the building of financial products and services on Top of a blockchain with the aim of promoting or enhancing the development of an open financial system.
We have built a DeFi platform inside our financial market system that leverages a set of progressive, working tools to give control to users. The fact that the new trend offers extra functionality in addition to reducing operational risks makes it an ideal replacement to the current financial system.
The OTC has cumbersome barriers to entry and usage that made it impossible for the traditional finance system to embrace the emerging trend. The OTC is done!
The fact that one must obtain proper licenses and authorization from regulators has limited innovation around the traditional finance systems.
Decentralized finance stands out as a Key alternative to traditional finance because does away with today’s financial bureaucracy, which is a burden of today’s financial system.
The use of digital ledger technologies such as Ripple’s XRapid has made it possible for people to gain full control of their assets and their personal financial data when transacting in the global financial sector.
Knightsbridge XRP Report: https://www.livetradingnews.com/knightsbridge-xrp-report-213000.html
Following the Y 2008 Financial Crisis, many people lost their fortunes as a good number of banks and investment banks collapsed. We recognized the threat posed by the current global financial systems and Shayne studied the emerging technologies to shield our growing client lists.
So, we built the ability to provide uncensored access to global financial services, and that is the Key reason why decentralized finance will continue to stand out from traditional finance.
In a world where people value their privacy, any product that makes it possible to avoid unethical privacy encroachments from authorities stands to be successful.
Even though DeFi is still in the early stages of development as an alternative to the traditional finance system, a number of apps have already been developed. The apps give people a taste of what the financial future looks like.
Have a prosperous day, Keep the Faith!