The Changing Face of Finance: The Emergence of Decentralised Finance as an Alternative Financial System
There are currently over 4000 (four thousand) cryptocurrencies in circulation and about 51,200,000 (fifty-one million, two hundred thousand) active traders of cryptocurrency around the world.
With the proliferation of cryptocurrency and the associated technology that backs it, innovators have begun to take advantage of the multifunctional nature of cryptocurrency and have created products that could change or disrupt traditional banking and finance. one of such products is Decentralised Finance (DeFi).
In this in-depth article, our Oyeyosola Diya and Oluwapelumi Omoniyi break down what DeFi is and consider whether it is can disrupt the financial system that traditional financial institutions are built on.