Revolutionary Technology: DeFi Disclosure by British Media Boss - News-Credit-Mortgage-Coin

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Wednesday, October 14, 2020

Revolutionary Technology: DeFi Disclosure by British Media Boss

 



British media magnate and former banker Alexander Lebedev has announced that he wants to launch "bank 2.0" with decentralized finance.

Alexander Lebedev, owner of British newspapers Evening Standard and The Independent, spoke about the potential of cryptocurrency and smart contracts to revolutionize finance.


In a 1,800-word comprehensive opinion article published in The Independent on October 13, the famous billionaire claims that blockchain technology and smart contracts will disrupt the global banking system and make the vast majority of them unnecessary to use.


Rebuild

Although he thinks that the explosive growth in the current DeFi platforms is driven by a rapid flow of liquidity and "cannot continue forever," he still says:


"TECHNOLOGIES EMBEDDED IN THIS INFRASTRUCTURE OFFER AMAZING OPPORTUNITIES TO REBUILD THE GLOBAL FINANCIAL SYSTEM."


Lebedev said smart contracts allow customers to access financial services “without an intermediary in the form of the bank itself” and prevent “greedy bankers” from stealing customers' funds.


The Effort To Build A New Platform

Lebedev also explained that he invested $ 100,000 as an "experiment" in an Estonia-based yield farming protocol and was very surprised at the rapid returns. It is now considering building an “Independent Decentralized Financial Ecosystem” on its own.


The platform will seek to provide "all the services of traditional banks" including "currency exchange, deposit, lending, payment and cash services [and] local and international transfers".


The former banker noted that global regulators are increasingly warming up to crypto assets, and that German, Chinese, Swiss, and US executives are citing recent moves to recognize tablecoins and securities tokens.

Global Financial System

Part of his belief in the potential of cryptocurrency is that Lebedev claims that the global financial system in its current form "is driving the world economy into disaster."


Lebedev devoted 25 years to banking and in 1995 bought the National Reserve Bank, Russia's third largest private bank. He claims that he has observed a shift towards "pocketing customers' money" among his competitors in modern banking practices. He added that since the 1990s, thousands of Russian "bankers" have embezzled "more than $ 100 million of their customers' money."

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