DeFi – Invest in the Future of Personal Finance – Daily Maverick

The Answer is NOT the bank.

Throughout the history of money, innovation has replaced outdated systems. Just as metal coins replaced seashells, debit cards and internet banking has replaced much of our use of printed money. We’re familiar with new technology disrupting old technology in our modern age. The combustion engine replaced horse and cart, Kodak Film all but disappeared in the wake of digital cameras, and Blockbuster Video was rendered obsolete by video streaming services like Netflix. In the age of rapid innovation, we will see many outdated models giving way to new and better ways of operating.

Innovation has never been more necessary when you think about the most outdated financial institution – the bank. Gone are the days of savings accounts offering worthwhile returns, and the expense, apathy, and hassle of a bank no longer make sense. 

We need a new financial model.

DeFi (Decentralised Finance) describes the rapidly growing sector of personal finance products built on blockchains, replacing the functions of traditional financial institutions like banks. Slow, expensive, and prone to human error, banks are outdated systems that have not kept up with technological innovation. DeFi offers all of the functions of a bank: interest and loans, without the queues, waiting and endless admin.

What if we told you that you could earn 20% interest on a savings account? Impossible! What about taking out a loan without a credit history, with the lowest rates on the market? Do we have your attention yet? DeFi makes it all possible without the high fees that banks charge. The key is replacing redundant systems and people with advanced programs called Smart Contracts, built to act out specific actions, managing vast pools of money at speed and without error. Thanks to blockchain innovation, DeFi is secure and available to anyone with an internet connection.

DeFi resolves an age-old problem of a middleman taking his cut of your personal finance for holding or lending. DeFi cuts out the middleman, making finance cheaper, faster and more secure. It does this by facilitating peer to peer finance, making you the primary earner of your financial transactions. You no longer need to hand your finances over to a bank (which earns yield off your money). You earn the yield yourself!

How do you get involved?

Start by purchasing the picks and shovels of this rapidly developing industry – the digital tokens used by the leading DEFI platforms to facilitate the most secure yield in the world today. It’s a lot like buying property off-plan in a great neighbourhood. To say we’re …….


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