DeFi Will Destroy the Traditional Banking System
Decentralized finance, or DeFi, tries to take traditional banking services and put them on the blockchain.
I’m talking about making loans, borrowing, trading assets on exchanges and more.
But now, banks are trying to get into the DeFi space by offering crypto services to their clients. And it seems like they’re creating Frankenstein’s monster.
That’s because the banks are building something that could evaporate their own businesses.
In today’s Market Insights video, Steve Fernandez and I discuss why the crypto boom has put banks in a difficult situation.
Editor, Strategic Fortunes
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.