Tough Climb: Neobanks Can Democratize Access to Defi Products | Opinion

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Defi promises a future free from centralized control. It has unlocked a new world where you can borrow money without a bank, earn interest on your crypto holdings at rates exceeding traditional savings accounts, or trade assets directly, peer-to-peer, without relying on intermediaries. One of defi’s key incentives is to break down barriers that have excluded vast parts of the global population from financial services.

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Neobanks, on the other hand, are digital-only banks that operate online, with no physical branches. Due to their user-centric approach, flexibility, and low fees, neobanks and crypto apps like Revolut, N26, Chime, and the Brighty App have become very popular, making banking more accessible and convenient for millions. 

So what about the intersection of these two sectors? Could neobanks leverage their tech infrastructure and intuitive UX to tackle defi’s complexity and build a more inclusive financial system? Let’s explore how neobanks can democratize defi products by acting as intermediaries between traditional finance (tradfi) and defi. 

Defi’s rugged terrain

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In the past few years, the sector has attracted a wide range of tech pioneers, with the total value locked in defi protocols surpassing $195 billion by May 2024. ten years of experience in applied