'The way to end fraud and criminality in the crypto space is to give DeFi a clear and justifiable use case. To this end, the industry needs to take some cues from the traditional banking sector.' Opinion bond_dog_51 umee_crosschain defi
Brent Xu is Chief Executive Officer and Co-founder of Umee, a Web3 bond-market platform. Brent was one of the first employees at ConsenSys and played a role in early Ethereum development. He also led strategy at Tendermint, set the strategic roadmap and partnerships for the Cosmos Ecosystem, and prior to that, traded bonds on Wall Street.Secure Your Seat
Yet, as evident by numerous crypto scandals in the last year – most notably the collapse of the FTX crypto exchange – the industry hasn’t been able to lean into DeFi’s inherent advantages. While decentralized trustless technology is revolutionary, we watched as the industry was being run by centralized organizations like FTX, which are far more susceptible to fraud at the hands of corrupt leadership.
Take a minute to consider your setting. Are you in your home? If so, think about how you purchased it. Did you take out a loan? If so, where did this loan come from? Presumably it came from a bank, which in turn sourced the funds from its depositors – workers and institutions active in the real economy.
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