Decentralized Finance (DeFi) are the decentralized systems involved in the financial services offered through the use of blockchain technology.
The need for DeFi comes from the fact that financial services are not available to everyone around the world. More than a billion people have no means or access to financial services.
Decentralized finance eliminates intermediaries by allowing individuals and businesses to conduct financial transactions through peer-to-peer financial networks. These use transaction and security protocols of different crypto blockchains.
- It reduces the fees that financial companies (eg banks) charge for using their services.
- You control your money in your own secure digital wallet.
- Open to anyone
- Transactions, including international, are in seconds and minutes, not days or weeks!