Decentralized finance (DeFi) will be part of the lives of many people in the future, according to Jay Hao, the CEO of crypto exchange OKEx.
When answering Cointelegraph’s recent inquiry concerning the listing of Compound (COMP) DeFi protocol’s token on OKEx, Hao predicted that the importance of decentralized finance will grow in the upcoming years. He said that he believes “that DeFi will disrupt traditional finance not far in the future” and explained:
“We are very bullish on the future of DeFi and truly believe that its products will be integral in the lives of many in the coming years. […] DeFi is especially relevant at a time when fiat currency is starting to raise questions from people about unchecked [quantitative easing] that could greatly reduce the purchasing power of their money.”
Furthermore, Hao explained that he believes the main advantage of DeFi is that it can bring financial services to “the people who are currently excluded or underserved by traditional finance.” He claimed that there are almost 2 billion unbanked people worldwide and that they could live better lives thanks to such services.
Compound is among the most important crypto services
Talking about Compound specifically, Hao said that it “is arguably one of the most important services in the crypto ecosystem at the current time.” According to decentralized finance data website DeFi Pulse, Compound’s total of $687 million in locked funds is the highest among the whole decentralized finance ecosystem.
As Cointelegraph reported in mid-June, Compound’s token has emerged as the largest DeFi token by market capitalization after its first day of trading. A more recent analysis sheds light on how likely the project is to keep the top spot.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.