Important points included the need for more education and transparency in the crypto space, while financial inclusion can be achieved through consistent adoption practices and clear regulation. Popular blockchains such as Solana and the Bitcoin Lightning Network have emerged, as well as DeFi protocols including Uniswap.
Regarding education, Mary Beth Buchanan, President of the United States and General Counsel on Cryptographic Risk and Intelligence, commented on Merkle Science:
“A lot of people are not served by traditional finance. The winner of the revolutionary race will be a project that can reach members of the community who do not currently have access to DeFi, and there needs to be education.”
Ambre Subiran, CEO of digital asset data provider Kaiko, agreed that the solution to expanding Defi’s reach lies in “education, convenience, and risk awareness. It will be easier for people to reset their password instead of having to remember 24 words.”
Daniel Peled, founder and president of Public Blockchain Orbs, is excited about achieving financial inclusion for “two billion people around the world,” but “the industry is leaving early.” He echoed Suberan’s view that “a lot of people don’t have access to DeFi apps. The products are complex and technologically advanced. People still don’t know how to securely secure their money.”
But for Peled, it’s more than just educating people, it provides a level playing field where everyone follows the same rules:
“There is a lot of quantitative easing going on and 70% of all the money in the world has been printed in the last two years. Young people don’t own scarce assets like real estate, stocks or gold and they are not accredited investors who can seize early stage opportunities. (Young people) are the ones who use DeFi because they see opportunities. compared to other alternatives.
Ultimately, the creation of Bitcoin (BTC) was intended to solve such problems. Being the first successful separation of money from the state, it has a clear emission rate, which makes the monetary network more transparent and equal to the participants.
Michael Morrow, CEO of crypto brokerage Genesis Global, shared Peled’s opinion on demographics:
“People in the West are the most involved in many DeFi protocols. The user interface and experience is not great as you have to be tech savvy enough to be able to talk directly to Defi today. Overall, it should be much easier on people. They are attracted to you.”
Finally, the committee finally agreed that the combination of learning and adaptation would pave the way for greater financial inclusion.
Related Topics: DeFi vs. CeFi: Comparing Decentralized Finance to Centralized Finance
Regulation is high on the agenda for 2022. But it should stimulate more growth in the space because “as long as entrances and exits are regulated, there will be more freedom,” Morrow continued.
Suberan shared a similar view on onramps: “There is an opportunity for existing organizations to leverage blockchain technology and underlying infrastructure to provide the same services they offer today.”
Regarding the future of Davy and CeFi, Nicholas Bertrand, former head of Derivatives and Commodities Markets at Borsa Italiana, had the last word. When asked if the level of innovation could disrupt traditional cefi services, he replied, “Absolutely.” He asked, “What happened to the telegraph after the advent of computers?”