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Decentralized Finance (DeFi) Gains Momentum In Financial Enhancements

John Wanguba by John Wanguba
December 23, 2019
in Blockchain, News, Opinion
Reading Time: 3min read
Rate this post

The year has been a roller-coaster for the entire crypto markets. Bitcoin gained momentum seeming to set new record highs only to fall short along the way and threaten to test yearly lows. However, the underlying blockchain technology is thriving. In that context, the blockchain-based decentralized finance (DeFi) is reportedly gaining significant momentum.

According to Thomas Hu, founder, and CEO of Kyber Capital, DeFi is somewhat promising to become one of the most popular FinTech solutions for 2021. It has the potential to address the deficiencies that exist in the conventional financial systems. Moreover, it can reduce operational costs, and eventually simplify all complicated banking procedures.

Kyber Capital is dedicated to venture investments in companies that focus on blockchain applications together with innovative financial services and technologies. Hu believes that blockchain is joining its powers and capabilities with open-source media and internet technology to develop new financial infrastructure.

Partnerships

Among the most notable e-commerce giants that are joining forces with blockchain are those that have big data platforms. Among them is Amazon which is now the best placed in creating a new financial system on its own. In this case, blockchain will primarily serve as a means for the company to achieve the results.

Hu said that DeFi-induced developments and innovations will inspire traditional banks to enhance and upgrade their operations. Moreover, it will also encourage blockchain talent to challenge the traditional financial elites.

Currently, three pure-play Internet banks have already been approved by Taiwan’s financial authorities to kick off commercial runs in 2021. These include Next Bank, Line Bank, and Rakuten Bank. Hu said that these banks’ bargaining capabilities and business scales will determine what impact they will have on the traditional banking institutions.

The banks’ real performance will depend on the services that they will provide. OneConnect Smart Technology is reportedly attracting major attention from the financial sector throughout Taiwan Straits. OneConnect is a FinTech cloud service platform that operates under China’s Ping An Insurance Group.

This company has integrated Artificial Intelligence, blockchain, facial identification, and cloud platform solutions. These solutions aim to offer banks, financial investment companies, and insurance firms with smart operations, data management, and cloud services. As of today, the firm maintains at least 3,700 insurance firms, financial institutions, and shopping malls as its clients in China.

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Tags: Amazonblockchain newscryptoCrypto Marketscryptocurrencydecentralized financedecentralized finance applicationsDeFiFinance TechnologyFintechFinTech cloudOneConnect Smart Technology

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  • Autotrading
    • BitVestment
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    • Bit Index AI
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    • Today Profit
    • Quantum Code
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • Bitcoin Smarter
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    • Bitcoin Future
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    • Bitcoin Loophole
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