Former Google scientist says DeFi is the ‘American dream’ for all

10 months ago
3 mins read

Form Google scientist and CEO of DeFi platform Cmorq, Hossein Azari has said the inclusivity feature of the decentralised finance sector equates to the ‘American dream’ for all.

Speaking to Kitco News, Azari noted that the sector’s growth now targets to serve one billion people globally, and players in the sector are working towards unveiling the supporting technology.

“So we have a great economy. We have built over decades and if not centuries, so the next wave to really grow this, is to become more kind of build more inclusion and DeFi embodies that. So the decentralized finance is basically the American dream for all,” said Azari.  

He said that with over a billion people, the DeFi industry will cater to most of the unbanked population. According to Azari, the sector can handle and manage the over $1 trillion paper cash held by people globally.

Azari notes that the DeFi sector’s main selling point is the ability to solve some of the shortcomings of the traditional banking system.

“And they would benefit firsthand from a platform that enables to do most of those things at low operational cost and significantly more secure way than they’re used to. We have 55 million people without bank accounts in the U.S., so it is not just an outside problem […] It’s going to be a more secure, and it’s going to be a better offering for us, because that’s what these people would want to lend that money to American consumer in American business at a much better rate than our banking system would do,” said Azari.

‘No need for widescale crypto usage’

For the DeFi sector to reach more people, Azari suggests that it does not necessarily need support from the widescale use of cryptocurrencies. He believes that the focus should be on solving the custody, money holding, better interest, and payments with lower fees.

Furthermore, according to Azari, the decentralisation trend will continue as players in the sector look for a more efficient system instead of centralized platforms.

The executive stressed that for the DeFi system, the payment units could include national currencies and not necessarily cryptocurrencies.

Elsewhere, on Ethereum‘s dominance in the DeFi sector, Azari stated that the underlying layer is mainly informed by technological competition in the space. He said that with competition in the industry, the community will determine the winner and which blockchain embodies decentralised notions more.

Azari also pointed out that another emerging trend is incorporating two layers, like in the case of Polygon.

In recent months, the DeFi sector has gained dominance, driving the value of Ethereum to new record levels. Notably, Ethereum has remained the major underlying technology for most DeFi projects.

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.