The former scientist at Google has praised Decentralized Finance, saying that the benefits brought by this system make it the ‘American Dream.’
CEO of Decentralized Finance Platform, Cmorq, and former Google employee, Mr. Hossein Azari stated during an interview with Kitco News that the DeFi sector has expanded at an amazing rate, now capable enough to be available and utilized by a billion people across the globe and that many workers in the space are going to make the technology accessible very soon. Mr. Azari said that the economy is very good, and the work that has been done to make the financial system where it is now must be allowed to grow.
Mr. Azari said that the support for over a billion in population by the DeFi Industry is something that is hoped to solve the issue of many people who are still unbanked. The DeFi sector is more than capable of handling and taking care of a trillion dollars in cash that is possessed by people around the globe.
Solving Traditional Banking Issues
Mr. Azari focused on the point that the reason why the DeFi sector is so attractive is that it helps to solve many issues that plague the traditional banking systems. Working in the DeFi Sector will help people to access platforms that can help to reduce operational costs in a much more effective and secure way. As of now, there are around 55Million people around the United States who are not having bank accounts, so this issue is not something that must be taken lightly.
Commenting further about the DeFi sector, Mr. Azari said that DeFi doesn’t need the support from the usage of cryptocurrencies, so the focus should shift towards solving much greater issues, including money holding, better interest rates, and payments that do not cost much. The system should support both national currencies and cryptocurrencies, so Decentralized Finance can help people to be more efficient when it comes to trading compared to centralized platforms.
Ethereum and DeFi
DeFi has been contributing a lot, which is proved by the growing value of Ethereum, reaching higher levels. Ethereum has been one of the main technologies that have been used for DeFi-based projects, so it is very important that the DeFi Sector gains more attention.