Banking at Stake

When I tell people the future is #Crypto or to a larger extent #Blockchain, they think its a joke. Often they just run over it. I mean I had a conversation with a friend of mine about the possible Digitalisation of FIAT money within 5-10yrs at most. This guy laughed and told me it a dream possible only in the far distant future. To think he is in the IT space and is based in the USA only spell how ignorant people can be. If you fall in that category, though this article isn't for you, you can atleast do some reaearch on topics like #CBDC #DigitalDollar.

This is Drift Trade, a DeFi (decentralised finance) platform with multiple service that do not only rival traditional banking but bits it hands down. I mean, its almost borderless, cost effective, need no cues, fast (same day settlement) and reliable amongst many other stuffs.

It has this feature like all DeFi, where you can #stake (Save) digital assets like Crypto for an APR (Annual % return). This one offers 20% if you stake digital dollar (USDC) with them. Call it a savings account that pays out 20% with zero charge for account management. Compare this to the 1-2% paid by banks after so much fees. One may think they compensate this with huge transaction fees. But they are often as tiny as 0.1% With its boarderless nature we are talking of unboarding 100s of millions of people in the unbanked community.

All you need is a smart phone and an Internet connection. Don't worry about the last one, Elon Musk's StarLink is working on that. They are already beaning internet connection down to smart phones from "heaven". Hahah they just need to scale this over time.

Its not like there are no short falls in the DeFi space. But I personally think, the only thing holding this back is Regulatory Clarity. When that comes (not if), we will start having both Public and Private Institutions come in to make things more secure. Such will be the case of but not limited to Securing Customers deposits etc. I tell you, $Billions will flow in.

There are tons of such projects who aim to address socities needs in ways yesterdays institutions and and tech can't. Finance is just one of such. Its a paradigm shift, that I can assure you. BlockChain tech utilities cut across every sector, be it finance, real estate, entertainment social media etc, Anyone that shifts early enough will have a testimony. The type that speaks for itself.

T L Christ Juvet