DeFi
Why Blockchain Can Drive Financial Inclusion Worldwide — TradingView News
Speculative investments, environmental destruction and defrauding innocent people: if you ask the average person on the street what cryptocurrencies and blockchain are for, here are some of the answers they might give you.
Crypto skeptics have long argued that blockchain can’t actually help the world’s citizens. This perspective is perhaps understandable, given that most of the headlines that make it into mainstream media and, therefore, the minds of the average citizen, highlight the more negative aspects of the space.
At the same time, ordinary people who could benefit from crypto tools may feel a little overwhelmed or risky about getting involved in the technology. In episode 40 of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond speak with two creators who are working to bring the benefits of decentralized technology to those who need it most: John Wingate, founder and CEO of BankSocial, and Azeem Khan, co-founder and COO of Morph.Cointelegraph
This episode is the last in a series of interviews recorded in person at the Consensus 2024 conference in May.
Bringing DeFi to Credit Unions
Wingate told The Agenda that BankSocial aims to financially empower everyday people by building user-centric products for both individuals and credit unions. Part of the project’s founding mission, he said, was to advance “the marriage of DeFi and TradFi” by creating “the first Web3-first credit union,” as well as bring the same capabilities to credit unions around the world.
Credit unions, a type of member-owned bank, are a natural fit for cryptocurrencies because they “align very closely with the ethos of ownership, Web3, and the decentralized economy,” Wingate explained. And because they are regulated banks, credit unions are allowed to issue securities, allowing their members to access crypto products with fewer potential regulatory issues.
Related: PactDAO’s Marisa Rando on Mutual Aid, DAOs and Activism: The Agenda Podcast
Wingate believes that the convergence of traditional finance and decentralized finance allows individuals to enjoy the benefits of both in harmony:
“BankSocial is about creating a platform that regulated financial institutions can deploy as a complete platform that connects us to the property economy, that connects a regulated TradFi institution with all of its connectivity to the core banking rails that are required.”
Creating a L2 for Value-Driven DApps
Khan jokingly acknowledged that Morph, an Ethereum layer 2 for value-driven decentralized applications, is “one of 200 layer 2s at this point.” However, he told The Agenda that what sets it apart is its particular focus on “crypto-for-good activities,” such as bringing blockchain to emerging markets, experimenting with crowdfunding mechanisms, and advancing decentralized science.
He spoke of his experience growing up as a child of Pakistani immigrants, which taught him early on that it was difficult for his parents to send money home through traditional means of payment. “It was difficult and it just reinforced the idea that we need to find ways for people in developing countries to have access to infrastructure,” Khan said.
In addition to reducing cross-border friction, Khan said the transparency and decentralization of public ledgers is another benefit that technology brings to building a better world. And ultimately, Morph is committed to not only talking the talk, but doing the work to use crypto for good:
“It’s really important to think about how this technology can actually be used to empower people on a global scale, which is something we see a lot and has been talked about for so long, but also the things that we need to do methodically to start to tackle the problem.
To hear more of The Agenda’s conversations with BankSocial’s Wingate and Morph’s Khan, listen to the full episode on Cointelegraph’s Podcasts page , Apple Podcasts or Spotify . And don’t forget to check out the full schedule of other Cointelegraph shows!
Review: The Truth Behind Cuba’s Bitcoin Revolution – A Field Report
This article is provided for general informational purposes and is not intended to be, and should not be considered, legal or investment advice. The views, thoughts, and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.