Defi Vs Banks: Is Defi Better Than Banks?
August 8, 2022 ⚊ 1 Min read ⚊ Views 130 ⚊ BUSINESS
Imagine a world in which banks are no longer required. Consider the possibility of all the financial instruments we use today — currencies, loans, insurance, bonds, credit cards, stocks, futures, options and interest-bearing accounts — all transformed into a new model that does not rely on a typical banking institution to function.
It may seem a little unusual, but thanks to DeFi, all of this is about to become a reality in a matter of days.
What exactly is DeFi?
DeFi is the abbreviation for Decentralised Finance. When it comes to providing financial services to its customers, DeFi is a blockchain-based financial system, independent of conventional financial intermediaries like banks, exchanges and brokerages.
The DeFi system is a realistic financial system offering many more benefits than are currently provided by the conventional financial intermediaries, such as banks and brokerage firms.
