Better, faster, cheaper: How DeFi will kill the retail bank
The battle for global consumer deposits is going to be the fight of the century. But to vanquish old-fashioned banks, the DeFi sector needs to up its game. The world runs on consumer spending and consumer saving. It is everyday people who actually power the most important parts of the global economy and the global financial system. For consumers, this system runs through their retail bank. It is where most people save, spend and pay their taxes. This is the battleground for the coming fight: the battle for global consumer deposits.Make no mistake, this will be the fight of the century. It....
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According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees.
Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective
During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained....
In coexistence with mutual benefits, decentralized finance and central bank digital currencies will finally make money universally available worldwide. Decentralized finance (DeFi) is changing the way that people all over the world think about money faster than any previous financial revolution. Banks, which have monopolized the way we’ve accessed money since antiquity, are finally seeing their status being challenged. Now, it’s DeFi which is starting to provide an alternative that could turn the economic landscape on its head and democratize access to finance.This seismic shift in power....
Can, in not too distant future, the European Central Bank become a decentralized autonomous organization? In Part 1 of the article “How the European Parliament Views Blockchain” we looked into how Euro Parliament has taken on cryptocurrencies in its latest report. Here, in Part 2, we continue to analyse it. The European Parliament is looking at cryptocurrencies as a means to conduct transactions faster and cheaper, assuming that cryptocurrencies can help lower borders within the European market. Diminishing role of banks. But this assessment ignores how Bitcoin redesigns and diminishes the....
This is not the first time Fidor has delved into the world of cryptocurrency. In fact, last October they partnered with a cryptocurrency exchange Kraken. Fidor becomes first bank to use Ripple, a payment protocol. Fidor, a Munich-based bank. Fidor states that they are implementing Ripple as a way that will benefit the consumers, with faster and more affordable means of transferring money, not just inside Fidors banks, but also across other banks and other financial companies. This benefits both supplier and consumer, as Fidor will have to spend less on fees, transaction costs, etc.....
Decentralized finance (defi) exchanges and tokens are recovering a lot faster than a great number of digital assets that lost more than 40% in value last week. Defi tokens like curve, kyber network, terra, hxro, and more have been seeing double-digit gains. On May 23, the defi economy’s aggregate total-value locked (TVL) dropped to a low of around $50 billion and has since gained $17.4 billion. Defi Economy Lifts Higher Than the Rest Defi fans are seeing the economy improve a bit after many decentralized finance tokens lost a significant amount of value during the recent market rout.....