Jesse Powell, CEO of Kraken Exchange, claimed in an interview that the advent of digital currencies showed how opaque traditional markets are to the detriment of ordinary people. According to him, now the field of defa, the field of decentralized financial education, is swallowing the financial world.
To Report Crypto Slate Jesse Powell, CEO of the Kraken Digital Currency Exchange, told Yahoo on Friday:
Ethereum gives you access to a world of decentralized smart contracts, decentralized exchanges and lending protocols. Whether people know it or not, Defai is really swallowing up the world of finance. I think in the next 10 years, we will be doing 90% of our financial services on the Blockchain.
Powell went on to explain that digital currencies are very different from traditional stock markets, which require a large number of intermediaries. He believes that because of this, traders have to rely on third parties to acquire and transfer their property technically. Of course, this system is rapidly becoming obsolete with the advent of digital currencies. Powell continued:
This system is very different, and I think now that we have the cryptographic system, the system [سنتی] No longer really necessary. I think our situation will be much better with a transparent application system. A system in which people can take stock, transfer and trade it wherever they want, and trade directly in an exchange office.
According to Powell, the traditional system puts the weak in an unequal position. This system is not transparent and provides many opportunities for bad things to happen.
The Kraken CEO, meanwhile, acknowledged the need to reap the benefits of digital currencies in other traditional markets, such as the stock market, restructure regulatory frameworks and regulate.
In my opinion, it is the regulators and the legislators who should make this happen. I mean, technically there’s nothing stopping this from happening today; So, what we really need is a little bit of innovation in regulation and legislation. Technology is the same today. I think everything will eventually go public on the Blockchain.
“Fortunately, since most people in the world still have no digital currency and pay no attention to it, there is still a lot of opportunity for this to happen,” Powell said.
Therefore, we are still in the very early stages of this space. I think the more money is printed, the less people trust governments, the less they trust the financial system and the stock markets, the more they pursue digital currency markets to have full transparency and full ownership of their assets, and so on. They can do anything whenever they want.