Media mogul Alexander Lebedev bets big on decentralised finance

The media mogul said he is looking to launch a new financial solution and outlined his plans for a “bank 2.0” powered by decentralised finance (DeFi) and tapping into the potential of cryptocurrency and smart contracts.

Lebedev published an Op-ed on October 13, predicting that blockchain tech will disrupt what he described as a “parasitic banking oligopoly” on a global scale.

A similar opinion is shared by Acting Comptroller of the Currency's Brian Brooks who predicts that any regulation in the blockchain and cryptocurrency industries should stem from within the industry and not from a central authority, as that would defeat the purpose of the technology in the first place.

In outlining a way towards DeFi, Lebedev was aware of the rapid and unsustainable growth of the solution.

However, the underpinning technology that has made DeFi possible open up “tremendous opportunities” for the financial sector, Lebedev added.

Lebedev argued that eliminating the middleman, in the form of a banking institution, would help protect customers fund from the hands of greedy bankers.

For DeFi to become a more permanent part of the financial landscape, the next step would be to see the mass digitalisation of currencies and assets, a process that is already being talked about.

The European Union and the United States have been making steps towards leveraging the power of digital assets and blockchain.

While traditional assets are waiting to get their digital makeover, there are plenty of cryptocurrencies you can use for e-commerce and even recreationally.

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Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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