The CEO of an e-commerce platform specializing in cryptocurrencies says his company is convinced that consumers can use their digital assets, not just speculation tools.
Adam Chaplin, CEO of DeFi For You, outlined his vision for Amazon and eBay. The company’s goal was to create an environment in which cryptocurrencies were easy to understand and paved the way for their use when buying and selling used goods.
Mortgage foreclosure, an economic practice dating back centuries, is another area in which DeFi For You excels. Chaplin explained that in recent years it has been impossible to pledge goods on the Internet, but smart contracts and blockchain have removed these technical limitations, allowing someone’s reputation to be permanently registered.
“The platform brings together everything that is good about cryptocurrencies – fast and convenient transfers – in one place. It actually allows people to spend their money on something, ”Chaplin added.
Right now, the CEO claims there aren’t many places to use cryptocurrencies, and decentralized financial systems are important because they can be used without a bank account.
Development of road maps
DeFi For You kicked off six months ago and Chaplin said its original goal was to help small and medium-sized businesses hit hard by the coronavirus pandemic. It now supports 34 cryptocurrencies and operates on the Binance smart chain, where multiple transactions can be performed at a lower cost.
Rigorous testing of smart contracts – and now the company is confident in its ability to create a platform. This work is taking place in Vietnam, where development costs are affordable. Chaplin also reported that DeFi For You has received very positive feedback from users who have tried out the concept.
“The idea is simple – what’s the point of having a cryptocurrency if you can’t use it?”
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Chaplin stressed that it would be “a marathon, not a fast race” to seize Amazon’s e-commerce-like power – but said DeFi For You has an edge because this retail giant doesn’t accept cryptocurrencies.
On the financial side, he believes DeFi For You can ensure that loans and other forms of borrowing are available to everyone. Chaplin noted that it is often difficult for high-income entrepreneurs to get loans from banks because their lending standards favor people with stable jobs over those whose profits fluctuate from month to month, and despite the existence of credit solutions in the world of cryptocurrency. the levels of assurance required are often impractical. “If I had to give you $ 100 to get $ 50, I’m not sure if it was a loan or not – it’s almost a fallback to the old system,” he added.
Ideal for blockchain
Many projects end up built on blockchain, Chaplin said, although these business models don’t need this technology to work. This is not the case for DeFi For You, which requires fast transaction times and the ability to build trust.
“We want to be there for small businesses, for little guys. We want to be there for people who want to use our cryptocurrency, we want to be there for people who want to rent their boat abroad, and we want to be close to people who take short-term loans. ” Concept: “This brings cryptocurrency to the market we all dreamed of,” Chaplin said.
DeFi For You is hosting a 24-hour DeFi kick-off show on the Binance Smart Chain starting at 22 UTC on January 31st.