“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.”
– Former Google scientist and CEO of decentralized finance platform Cmorq, Hossein Azari.
According to Hossein Azari, a former scientist at Google and CEO of decentralized finance (DeFi) platform Cmorq, DeFi is the new “American dream” for a global economy.
In a recent conversation with Kitco News, Azari noted the sector aims to serve billions on a global scale, while big players in the space are working towards unveiling supporting technology.
Catering to the Bankless
“They would benefit firsthand from a platform that enables (them) to do most of those things at low operational cost and significantly more secure way than they are used to. It is going to be more secure, and it is going to be a better offering for us.”
– Former Google scientist and CEO of decentralized finance platform Cmorq, Hossein Azari.
With over a billion people in its sights, the DeFi industry aims to serve most of the unbanked population. According to Azari, at its current capacity, the sector can manage and handle over $1 trillion in paper cash held by people around the globe.
Azari noted that the most arguable selling point of the DeFi space is the ability to solve many of the shortcomings experienced by the traditional banking system.
Widescale Adoption Not Necessary
According to Azari, the focus should be on solving issues regarding custody, money holding, higher interest, and payments with lower fees. The CEO claims that the DeFi sector does not need the widescale adoption of cryptocurrencies to succeed and reach people globally.
The executive stressed that for the DeFi system, the payment units could include national currencies and not necessarily cryptocurrencies. Furthermore, according to Azari, the decentralization trend will continue to disrupt financial systems as players in the sector look for a more efficient system instead of centralized platforms.
Final Thoughts
In recent months, the DeFi sector has gained dominance, driving the value of Ethereum (ETH) to new record levels. Notably, ETH has remained the major underlying technology for most DeFi projects.
Regarding the dominance of ETH in the DeFi sector, Azari stated that the underlying layer remains driven by technological competition – with competitors in the industry, the community will ultimately determine which blockchain embodies decentralized notions more.
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