Hong Kong-based cryptocurrency platform Crypto.com announced on Thursday it has teamed up with Boston Consulting Group (BCG) to release a new decentralized finance (DeFi) report.
According to the duo, “The Sudden Rise of DeFi: Opportunities and Risks for Financial Services” explores the factors driving the growth of the DeFi industry. The report also reveals the anticipated potential of DeFi with an honest assessment of current challenges facing the industry and the underlying technology.
“Decentralised finance, or DeFi, aims to give users an alternative by removing the need to trust centralised parties and opening its doors to the world. This is achieved by building digital services in an open, permissionless, and decentralised manner. By removing the intermediary and automating many functions, DeFi can provide lower costs, higher degrees of security and privacy, resist censorship, increase accessibility and promote a decision-making democracy.”
Speaking about the report, Kris Marszalek, Co-founder and CEO of Crypto.com, stated:
“Our joint research into DeFi provides a deep dive into the reasons behind its growth, differentiators against CeFi and its potential to disrupt mainstream finance. Whereas much existing research into DeFi is project-specific and crypto-centric, this report leverages both Crypto.com and BCG’s respective areas of expertise to deliver a comprehensive side-by-side comparison with incumbents in traditional finance.”
See the report here.