What is DeFi? Everything you need to know

Decentralized Finance or “DeFi” (deef-eye) is a novel financial system that operates independently and does not rely on centralized financial intermediaries like banks, credit unions, or insurance funds. Instead, users have the ability to transfer, trade, invest, and transact peer to peer using cryptocurrencies and digital assets via automated smart contracts, eliminating the need for these slow and costly intermediaries.

DeFi is underpinned by advanced distributed ledger technology (DLT) – or blockchain – that aims to disrupt the current financial order and allow for a more transparent and equitable financial system.

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2021-02-19T18:48:29+05:30February 19th, 2021|Categories: Blockchain, Crypto Currency, FIAKS daily, Finance, Payment, Technology|Tags: |Comments Off on What is DeFi? Everything you need to know

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