Time and slots are running out to register for our iSTOX webinar on the future of financial markets and their ongoing integration with blockchain tech on Wednesday, 29 July at 8pm (GMT +08). Click here to register now.
As a sneak preview, here are special guests Benedict Chan, of BitGo, Dr. Yaoqi Jia, of Parity Technologies, Jocelyn Chang, of the Maker Foundation, and Josh Goodbody, of Binance on the trends now driving DeFI and how to support them.
The integration of blockchain tech and DeFi into the traditional financial services sector is driving innovation globally and resulting in greater control, transparency, and choice for consumers. DeFi is changing the financial services world, from the composable infrastructure of its applications to its functionality and consumer benefits. But it can be only done so through augmentation, not revolution or replacement.
For the next few years, DeFi's challenges will be those of scale, gathering volume, liquidity and on/off ramps. During these initial stages, many financial institutions may see DeFi as a threat. On the contrary, however, it could be seen as a very reliable counterparty. DeFi does not discriminate and the blockchain is always online for trading / lending. To support DeFi, first participate as a counterparty, then consider incorporating aspects of it during new development (of financial products and services) where it makes sense.
For many of us, when buying financial products, we always want the product providers to be trustworthy and transparent to us. Due to various restrictions, full transparency and openness cannot be accomplished in the current financial space. In contrast, DeFi provides opportunities for users to have full control of their assets with private keys and access to all the information of the products freely. With these unique features, the innovation of DeFi can bring tremendous benefits to users.
To support DeFi, we can ‘learn, use and create/improve’ it. At first, we should learn the underlying protocols/products and understand the risks, as these products are still in the nascent stage. Once having confidence in the products, we can try out the products to experience the difference to traditional financial systems. Further, for tech users, we can think about how to create a new DeFi project to improve the existing ones.
DeFi is a typical example of blockchain innovation that has many advantages over traditional finance, posing as a great opportunity for financial market participants. Binance is a proponent of blockchain innovation toward the mission of growing the entire blockchain industry together.
Binance has been exploring the ways of building an inclusive financial infrastructure for digital assets, including stablecoins, trading services, lending, financial derivatives and more.
Click here to register for iSTOX’s Regulated Finance Meets Decentralised Finance (DeFi): Competition or Complement event. Registration is free and takes less than five minutes.