Can DeFi overtake TradFi institutions? BitGo CEO mikebelshe believes so. (Reporting via Rachelwolf00)
at $11.78 billion in 2021. This number is expected to increase as DeFi advances, yet it is still in its infancy. Therefore, a number of banks and traditional financial institutions are still unaware of its potential.overtake traditional financial institutions
DeFi applications are now capable of plugging market maker research into smart contracts, eliminating the need for human brokers. Known as AMMs, money makers can now become a piece of code that the SEC or FINRA can review. Investors can review this code as well. As a result, regulators don’t have to monitor broker deals and investors can get a better price on assets.
BitGo is also adding features around DeFi for smart contracts. For example, MetaMask currently enables. BitGo wants to create transaction emulation to solve this problem. This will essentially show users what will happen step-by-step before transactions take place. This is important because DeFi will only conquer institutions once we figure out how to solve security concerns the industry is currently facing.
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