DEFI BANKING PART 4

We’re continuing with DeFi banking again today. Yesterday we ended the discussion talking about DeFi loans and how it differs from borrowing from a traditional centralized bank (CEFI). Let’s pick up where we left off.

One of the reasons the rewards are so good and the interest rates so high with DeFi is because of the risk involved, so it is really important to do your due diligence. Perform an audit or review the platform you plan on using, or find someone who knows more than you do.

We said that interest rates are better in DEFI than traditional CEFI banks and the qualifications for borrowing are extremely low compared to traditional banks. Your DeFi bank isn’t going to TransUnion or Equifax to see what your credit score is, neither are they asking you for co-signers and personal references. And depending on which DeFi platform you use, they’ll let you use your NFTs as collateral, along with your crypto assets.

This new way of banking is sending traditional banks scrambling for new ways to do things. Even the US government is trying to figure out how to regulate cryptocurrency because they also realize the benefits (and of course, they want to be able to get their cut of crypto earnings)👀 They know that 95% of the wealth in the world is owned by just 5% of the population, and it’s in their best interests to keep it that way, but the long-awaited time for change has come!

JPMorgan Chase became the first big bank in the USA to offer crypto funds to their retail customers! It’s not just for the wealthy or those who have large business accounts either! Anyone who has an account there and uses their trading app has access to it. Why is that? Well, these banking institutions realize that crypto is beginning to level the financial playing fields. They can no longer pick and choose who they want to help, and who they want to kick to the curb.

Anyone with a bank card or a prepaid debit card, can get on a crypto exchange and purchase cryptocurrency. Then they could also exchange it, stake it, or trade it, and traditional banks want in on it. If this was left up to me I’d say NOOOOOOO! You had your opportunity to help minorities and marginalized people groups but you kept piling on high fees that you knew were biased and unwarranted, (yet legal!😳)

I got off point there for a minute, lol! We’ve been chatting about DEFI banking all this week, so if you have any questions about it, please let me know. Also, if you’d like to invest in yourself by learning and trading or exchanging and staking crypto, let me know or click the link below. Have an awesome day!

95% of the wealth owned by 5% of the people, check it out here!

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.